US Strategic Petroleum Reserve Drops Below 300M Barrels, First Time Since 1983
Crude oil inventories in the US Strategic Petroleum Reserve fell by 6.1 million barrels last week to 298.7 million barrels, the lowest level in over 40 years.
US crude oil reserves in the Strategic Petroleum Reserve (SPR) declined by another 6.1 million barrels last week, bringing the total to 298.7 million barrels. This marks the first time inventories have fallen below the 300-million-barrel threshold since 1983.
The drawdown leaves the SPR at its lowest level in more than four decades. Over the past year, the US government has released large volumes in an effort to curb rising fuel prices, sharply reducing the emergency stockpile.
With reserves now at such depleted levels, the market may focus on the limited capacity for further releases, potentially adding upward pressure to oil prices.
Source: The Kobeissi Letter