US Crude Oil Inventories Fall by 2.031 Million Barrels, API Estimates Show

Key Facts

The American Petroleum Institute (API) estimated a 2.031 million barrel draw in US crude oil inventories for the week ending October 23, 2026. According to oilprice.com, this decrease follows a more substantial draw of 4.93 million barrels reported in the preceding week.

Commercial inventories have decreased by over 58 million barrels during the last 28 weeks, though total levels remain only 7 million barrels below their position at the start of the year. While crude stocks fell, gasoline inventories rose by 2.39 million barrels during the same period, and distillate stocks saw an increase of 380,000 barrels.

The energy market is awaiting the official EIA Weekly Petroleum Report and gasoline inventory data scheduled for release on October 28, 2026, to confirm these industry estimates.