Key facts
- US crude oil inventories fell by 2.09 million barrels in the week ending Oct. 2.
- 800,000 barrels were released from the SPR, bringing its total to 283 million barrels.
- US crude inventories are up nearly 13 million barrels for the year.
- Gasoline inventories fell 1.37 million barrels in the week ending Oct. 2.
- Distillate inventories rose 461,000 barrels in the week ending Oct. 2.
- Cushing inventory gained 866,000 barrels.
Crude oil inventories in the United States decreased by an estimated 2.09 million barrels in the week ending October 2, according to data from the American Petroleum Institute (API). This follows a build of 1.019 million barrels in the prior week.
Commercial crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), have seen a significant decline of over 38 million barrels in the last 25 weeks. However, overall US crude inventories are up nearly 13 million barrels for the year, partly due to releases from the SPR. In the week ending October 2, 800,000 barrels were drawn from the SPR, bringing its total holdings to 283 million barrels, which is 431 million barrels shy of maximum capacity. The operational minimum for oil in the SPR is generally considered to be between 250-300 million barrels to ensure efficient pumping and processing.
US crude oil production for the week ending September 25 increased to 13.955 million barrels per day, up from 13.939 million barrels per day in the previous week and 450,000 barrels per day higher than a year earlier.
Gasoline inventories fell by 1.37 million barrels in the week ending October 2, contrasting with a rise of 2.991 million barrels in the preceding week. According to the latest EIA data, gasoline inventories were 7% below the five-year average for this time of year prior to this reporting period.
Distillate inventories increased by 461,000 barrels, following a decrease of 286,000 barrels in the week prior. EIA data indicates that distillate inventories were 14% below the five-year average heading into this reporting period.
Inventories at Cushing, Oklahoma, the delivery hub for WTI Crude futures, gained 866,000 barrels.