U.S. Strategic Petroleum Reserve Drops to 308 Million Barrels, Lowest Since 1983
The SPR fell 3.8 million barrels last week, marking an 18th straight weekly decline and bringing reserves to their lowest in over four decades. Commercial crude stocks also hit multi-year lows.
The U.S. Strategic Petroleum Reserve (SPR) declined by 3.8 million barrels in the latest week, falling to 308 million barrels—the lowest level since March 1983, according to data highlighted by Zerohedge. This marks the 18th consecutive weekly draw, the longest such streak since 2023.
Over that period, SPR reserves have shrunk by 108 million barrels, a drop of 26%. Meanwhile, commercial crude oil inventories (excluding the SPR) fell by 7.2 million barrels to 405 million barrels, their lowest since October 2018 and roughly 7% below the five-year average for this time of year.
The combined declines underscore a rapidly thinning U.S. oil buffer.
Source: The Kobeissi Letter