According to the EIA's Weekly Petroleum Status Report (WPSR) released this morning, the Strategic Petroleum Reserve (SPR) recorded its 13th consecutive weekly draw during the week ended June 19. As discussed in this week's Crude Oil Billboard, this 9 MMbbl withdrawal, the third-largest weekly draw on record, reduced SPR inventories to 332 MMbbl (yellow oval in chart below), their lowest level since 1983 (pink oval in chart below). Notably, SPR inventories were at similar levels in 1983 because the reserve was still being built following its creation in response to the 1970s oil crises. In contrast, today's low inventory levels reflect an unprecedented series of emergency releases aimed at stabilizing global oil markets.
Featured Articles
- Analyst Insight
Strategic Crude Oil Reserve Extends Drawdown to 14 Straight Weeks
According to the EIA's Weekly Petroleum Status Report (WPSR) released this morning, the Strategic Petroleum Reserve (SPR) recorded its 14th consecutive weekly draw during the week ended June 26.
- Analyst Insight
Commercial Crude Inventories Fall to Lowest Level Since 2018
U.S. commercial crude inventories posted their largest weekly draw in more than two months, falling 7.2 MMbbl to 404.5 MMbbl, the lowest level since October 2018, as exceptionally strong refinery demand more than offset modest export growth.
- Blog
Big Time – Exchange of Barrels from U.S. SPR Would Drop Stocks to Lowest Levels Since the 1980s
Today, we detail U.S. plans to release 172 MMbbl from the Strategic Petroleum Reserve, examine how it compares with U.S. actions after the Russian invasion of Ukraine in 2022, and why the SPR could drop to levels not seen since the Reagan administration.
