US Crude Oil Inventories Plunge by 11.1 Million Barrels, API Reports

Key Facts

1The American Petroleum Institute estimated a massive crude oil inventory draw of 11.12 million barrels for the week ending October 9.

The American Petroleum Institute estimated a massive crude oil inventory draw of 11.12 million barrels for the week ending October 9, 2026. Oilprice.com reported that this double-digit decline represents a significant surprise for energy markets, far exceeding typical weekly fluctuations. Additionally, distillate inventories fell by 1.5 million barrels, while gasoline stocks rose by 1.1 million barrels during the same reporting period.

The latest draw continues a broader trend where commercial inventories have lost more than 51 million barrels over the last 26 weeks, though year-to-date levels remain stable due to Strategic Petroleum Reserve dynamics. In contrast to the headline draw, inventories at Cushing, the delivery hub for WTI futures, increased by 1.823 million barrels. US production remained robust, reaching 13.979 million barrels per day in the week ending October 2, 2026, according to the reported figures.