US Crude Inventories Slide

AI Summary

The American Petroleum Institute estimated that U.S. crude inventories fell by 2.09 million barrels in the week ending October 2, reversing a build in the prior week. Commercial stocks have declined by more than 38 million barrels over 25 weeks, although inventories remain nearly 13 million barrels higher year to date, partly supported by Strategic Petroleum Reserve draws.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.09 million barrels in the week ending Oct 2. In the week prior, US crude oil inventories grew by 1.019 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 38 million barrels over the last 25 weeks, but US crude inventories are up nearly 13 million for the year, according to API data, kept in check in part thanks to draws from the SPR. For the week ending October 2, another 800,000 barrels left the SPR to…