U.S. Crude Oil Inventories Drop 2.6 Million Bbl, Exceeding Forecast

U.S. crude oil inventories fell by 2.6 million barrels in the week ended February 1, 2026, more than the 1.2 million barrels decrease forecast by economists, according to the U.S. Energy Information Administration (EIA). The decline followed a similar drop in the prior week and brings the strategic petroleum reserve closer to its lowest level in over two years. The EIA reported refined oil product inventories also fell, signaling continued tightness in the supply chain. This week's draw suggests upward pressure on U.S. crude prices, as lower inventories can indicate reduced future supply and increased demand for existing reserves.