Key facts
- API estimated US crude oil inventories fell by 2.031 million barrels in the week ending October 23.
- Gasoline inventories rose by 2.39 million barrels in the same week.
- Distillate inventories increased by 380,000 barrels.
- US crude production slipped to 13.269 million bpd in the week prior.
- SPR inventories fell to 282.6 million barrels after a 100,000 barrel draw.
US crude oil inventories fell by an estimated 2.031 million barrels in the week ending October 23, according to data from the American Petroleum Institute (API). This decline follows a larger drop of 4.93 million barrels in the prior week. Over the past 28 weeks, commercial crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), have decreased by more than 58 million barrels. However, overall US crude inventories remain only 7 million barrels below their level at the start of the year, partly due to draws from the SPR. For the week in question, 100,000 barrels were released from the SPR, bringing its total holdings down to 282.6 million barrels. US crude production for the week ending October 16 decreased to 13.269 million barrels per day. Gasoline inventories increased by 2.39 million barrels, while distillate inventories rose by 380,000 barrels.