U.S. Crude Stocks Fall by Estimated 2.09 Million Barrels

A preliminary estimate put U.S. crude inventories 2.09 million barrels lower for the week ended Oct. 2, with government figures scheduled the following morning to provide the next update on petroleum stocks.

The estimate followed a preliminary 1.019 million-barrel increase for the week ended Sept. 25. The two readings cover consecutive weeks; the available figures do not establish a longer-term trend.

The American Petroleum Institute’s weekly bulletin uses an industry survey and is released ahead of the Energy Information Administration (EIA) report. The survey covers roughly 90% of the industry, with the remainder estimated. Differences in survey coverage and estimation can contribute to gaps between API and EIA figures.

TokenPost previously covered a preliminary 1.786 million-barrel increase in crude inventories for the week ended Sept. 18. The earlier inventory report also covered changes in gasoline, distillate and Strategic Petroleum Reserve stocks.

The EIA’s report for the week ended Oct. 2 is scheduled for Oct. 7 at 10:30 a.m. ET (14:30 UTC).