US crude oil stocks fell by 2.03 million barrels in the week ended 23 October 2026, according to industry data from the American Petroleum Institute, a larger draw than analysts had expected. The fall followed a 4.93 million-barrel draw the previous week.

The API figures ran against a Reuters analyst poll that had expected a build of around 15,000 barrels, making the data tighter than forecast on the industry measure. Gasoline stocks rose by around 2.3 to 2.39 million barrels in the same week, while distillate stocks rose by around 380,000 to 420,000 barrels.

API is not the official count

Readers should note what these figures are: the API is an industry body, and its weekly numbers are an estimate ahead of the official count. The US Energy Information Administration's widely followed weekly report was due later on Wednesday 28 October, and that official release, not the API estimate, is the number markets treat as definitive. Brent crude traded around $115.47 and US WTI around $101.33 on Wednesday morning, after a fall of nearly $2 on Tuesday.

A crude draw is normally read as a sign of tighter supply, which tends to support prices, but the builds in gasoline and distillates in the same week cut against that reading. That mixed picture is one reason traders wait for the official EIA release before drawing firm conclusions from the industry estimate.

Sources: Reuters and ING Think.