The American Petroleum Institute estimated on Wednesday that US crude oil inventories fell by 11.12 million barrels in the week ending October 9, after a drop of 2.09 million barrels the week before, while no barrels were released from the Strategic Petroleum Reserve, which the report put at 283 million barrels. Gasoline inventories rose 1.1 million barrels and distillate inventories fell 1.5 million barrels, with stocks at the Cushing delivery hub rising 1.823 million barrels. Brent traded near 106 dollars a barrel late on Wednesday and WTI near 95.75 dollars, both well above their levels a week earlier, as the draw landed on a market already short of diesel and watching renewed attacks on Saudi and Hormuz infrastructure.
API estimates US crude stocks fell 11.1 million barrels
The American Petroleum Institute estimated that US crude inventories fell 11.12 million barrels in the week ending October 9, a far larger draw than the prior week's 2.09 million, with distillate stocks down another 1.5 million barrels.
Why it matters: A draw of that size, with distillates already well below their five year average, tightens the physical backdrop behind Brent above 106 dollars and a diesel market that has no cushion left.
Data as of Wednesday, October 14, 2026, early evening Toronto time. Figures are the American Petroleum Institute's weekly estimate for the week ending October 9, reported and read in full at OilPrice.com; the official EIA weekly report is a separate release and has not been used here. Single-sourced to the API estimate via one report, so evidence grade is capped at C.
Sources
- US Crude Oil Inventories See Massive Drop Off · OilPrice.com · 2026-10-14