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. As discussed in this week's Crude Oil Billboard, this 5.5 MMbbl withdrawal reduced SPR inventories to 326 MMbbl (yellow oval in chart below), their lowest level since 1983. 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. The current drawdowns are part of the broader 400 MMbbl coordinated release program undertaken with the International Energy Agency (IEA) and participating member nations.
