API Reports 2.09 Million Barrel Drop in US Oil Inventories

The American Petroleum Institute estimated that United States crude oil inventories decreased by 2.09 million barrels for the week ending October 2. This decline reverses a growth of 1.019 million barrels recorded the previous week.

Commercial crude inventories, excluding the Strategic Petroleum Reserve, have fallen by more than 38 million barrels over the last 25 weeks. Despite this recent trend, total inventories for the year remain up by nearly 13 million barrels. To support commercial stocks, 800,000 barrels were withdrawn from the Strategic Petroleum Reserve, which now holds 283 million barrels.

Other fuel stocks showed mixed results, with gasoline inventories falling by 1.37 million barrels while distillate inventories rose by 461,000 barrels. Meanwhile, U.S. oil production increased to 13.955 million barrels per day for the week ending September 25, representing an increase of 450,000 barrels per day compared to the previous year.