Key facts
- Crude inventories fell 4.93 million barrels in the week ending Oct. 16.
- Gasoline inventories decreased by 2 million barrels.
- Distillate inventories dropped by 2.6 million barrels.
- US crude production slipped to 13.679 million bpd.
- SPR crude oil inventories decreased by 300,000 barrels.
Crude oil inventories in the United States fell by an estimated 4.93 million barrels in the week ending October 16, according to data from the American Petroleum Institute (API). This follows a significant draw of 11.12 million barrels in the prior week. Over the past 27 weeks, commercial crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), have decreased by more than 56 million barrels. However, overall US crude inventories remain only 5 million barrels below their level at the start of the year, partly due to draws from the SPR. For the week ending October 16, 300,000 barrels were released from the SPR to supplement commercial stockpiles, bringing the total SPR inventory down to 282.7 million barrels. US crude oil production for the week ending October 9 decreased to 13.679 million barrels per day. Gasoline inventories declined by 2 million barrels, and distillate inventories fell by 2.6 million barrels during the week ending October 16. Meanwhile, Cushing inventory, a key delivery hub for WTI crude futures, increased by 900,000 barrels.