Rory Johnston: EIA data shows 8.5 MMbbl commercial draw and petroleum stocks at deep seasonal low

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21.10.2026

Rory Johnston: EIA data shows 8.5 MMbbl commercial draw and petroleum stocks at deep seasonal low — EIA data shows large petroleum stock draw

U.S. Energy Information Administration weekly inventory data reported an 8.5 million barrel commercial crude draw, leaving total petroleum stocks at their deepest level below the seasonal five-year low since the start of the war.

Rory Johnston noted that all major product categories except diesel saw draws, with diesel stocks remaining extremely low. Johnston added that every product inventory is very low except for jet fuel and propane.

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Earlier, Rory Johnston observed a bearish divergence between the prompt Brent crude futures price and the corresponding prompt timespread, as noted in recent analysis. He also reported that Dated Brent to Frontline spreads rose above $7 per barrel after weakening in October, indicating tighter conditions in the North Sea market according to his previous report. These developments provide additional context to the recent inventory draws.

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