Overview
- The American Petroleum Institute estimated U.S. crude inventories fell by 2.09 million barrels in the week ending Oct. 2, reversing a small build the prior week.
- API reported gasoline stocks fell by about 1.37 million barrels while distillate inventories rose roughly 461,000 barrels, a mix that influences pump supplies and diesel price pressure.
- Cushing, Oklahoma—the delivery hub for the WTI futures contract—saw inventories climb by about 866,000 barrels in the same reporting week, a move that directly affects U.S. crude pricing.
- Around 800,000 barrels were withdrawn from the Strategic Petroleum Reserve in that week, leaving the SPR near 283 million barrels, a level close to commonly cited operational minimums for smooth operations.
- Markets ticked modestly higher on the API preview but traders are awaiting Wednesday's EIA weekly report because the mandatory government count can confirm or revise the API numbers and typically drives the bigger market reaction.