US commercial crude inventories reached 427.3 million barrels for the week ending September 25, 2026, reflecting a 0.9 million barrel build that exceeded analyst forecasts for a draw, amid refinery utilization slipping to 92.5% and lower crude runs. This outcome stemmed from elevated domestic production near 14 million barrels per day, softer product demand, and fluctuating imports, which offset typical seasonal draws. Meanwhile, the Strategic Petroleum Reserve continued declining to 283.8 million barrels—the lowest since 1982—due to the final tranche of a 172 million barrel release tied to earlier geopolitical supply concerns. Traders monitoring EIA weekly reports weighed these commercial builds against SPR drawdowns when assessing inventory thresholds, with upcoming October data releases likely to clarify post-September trends in storage balances and refinery activity.