The American Petroleum Institute reported a 2.09 million barrel decrease in US crude oil inventories for the week ending 2 October 2026, following a 1.019 million barrel build the prior week. The EIA subsequently confirmed a larger draw of 3.2 million barrels for the same reporting week, bringing commercial stockpiles to 424.1 million barrels, approximately 1% above the five-year seasonal average. Commercial inventories excluding the Strategic Petroleum Reserve have declined by more than 38 million barrels over the preceding 25 weeks, though year-to-date levels remain up nearly 13 million barrels, partly supported by SPR drawdowns of 800,000 barrels during the reporting week.
WTI crude is the benchmark US crude contract directly measured by the API and EIA weekly inventory reports; the reported 3.2 million barrel draw represents the change in domestic supply conditions that these reports track. Distillate inventories held steady for the same reporting period, according to EIA data.
The EIA data release followed the API's preliminary estimate published earlier in the week, with the confirmed government figure showing a larger draw than the industry body's initial reading. Oil prices eased around the time of the EIA release amid broader market pressures and developments relating to Venezuelan oil export sanctions, according to reporting on the EIA figures.
Sources: Oilprice, OilPrice