Key facts
- API estimates US crude inventories fell 11.12 million barrels for the week ending Oct 9.
- SPR inventory held at 283 million barrels, 431 million below capacity.
- US oil production was 13.979 million bpd for the week ending Oct 2.
US crude oil inventories saw a significant decrease of 11.12 million barrels in the week ending October 9, according to estimates from the American Petroleum Institute (API). This follows a drop of 2.09 million barrels in the preceding week. Over the past 26 weeks, commercial crude inventories have declined by more than 51 million barrels, though overall US crude inventories remain at levels similar to the start of the year, partly due to draws from the Strategic Petroleum Reserve (SPR). No barrels were released from the SPR during the week in question, maintaining its total inventory at 283 million barrels. US oil production increased slightly to 13.979 million barrels per day in the week ending October 2. Meanwhile, gasoline inventories increased by 1.1 million barrels, and distillate inventories decreased by 1.5 million barrels in the week ending October 7. Cushing, the WTI delivery hub, saw an increase of 1.823 million barrels in its inventory.