US crude oil inventories post longest weekly decline streak on record
Total US crude oil inventories fell for a 17th straight week, the longest run of weekly declines ever recorded, pushing overall stockpiles to their lowest since March 1984.
Total US crude oil inventories dropped for a 17th consecutive week, breaking the previous record of 16 straight weekly declines set in 2021. The latest drawdown adds to a historic contraction that has erased 166 million barrels since early April, bringing total inventories down to 712 million barrels — the lowest level since March 1984.
The Strategic Petroleum Reserve (SPR) has borne the brunt of the decline, shedding 111 million barrels since March to fall to 305 million barrels, the lowest since February 1983. Excluding the SPR, commercial crude stocks have declined for 10 consecutive weeks, matching a record streak from 2018.
The persistent draws underscore tightening supply conditions in the US, driven by a combination of strong demand, limited production growth, and ongoing SPR releases.
Source: The Kobeissi Letter