EL7.AI
CommoditiesMediumUpdated×3•Originally published 30 September 2026•Updated 1 October 2026•
1 min read

Oil Prices Rise as DOE Reports Record Low Midwest Gasoline Stocks

Oil barrel and gas nozzle in front of a US flag map and a declining bar chart on an orange background.

Key Facts

1DOE data showed a gasoline inventory draw of 1.684 million barrels, contradicting API's earlier report of a significant build.
2Distillate stockpiles saw a large draw of 2.25 million barrels, significantly below analyst expectations.
3Commercial crude inventories rose by 922,000 barrels, while Cushing stocks increased for the second consecutive week.

Oil prices reached session highs after U.S. Department of Energy (DOE) data revealed a gasoline inventory draw of 1.684 million barrels on September 30, 2026. ZeroHedge reported that the official figures contradicted earlier American Petroleum Institute (API) estimates which had suggested a stockpile build, highlighting tighter-than-expected fuel markets.

Distillate stockpiles saw a substantial decline of 2.25 million barrels, falling significantly below analyst expectations according to Bloomberg. While commercial crude inventories rose by 922,000 barrels, stocks at the Cushing, Oklahoma hub increased for the second consecutive week to reach 24 million barrels.

Latest Updates · 2

  1. Notable·

    Update: Oil prices continued to climb on October 1, 2026, supported by persistent regional shipping risks and the ongoing conflict between the United States and Iran. This price action occurred as Middle East crude exports recovered to prewar volumes, highlighting a market balanced between supply recovery and geopolitical uncertainty.

  2. Notable·

    Update: Brent oil prices rose toward $99 per barrel on October 1, 2026, amid concerns over stalled talks between the U.S. and Iran. The price increase occurred despite a Goldman Sachs report indicating that oil exports doubled during the month of September.