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.
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- Analyst Insight
Running on Reserve: Crude Oil in the SPR Plummets to a Four-Decade Low
According to the EIA's Weekly Petroleum Status Report (WPSR) released this morning, the Strategic Petroleum Reserve (SPR) recorded its 13th consecutive weekly draw for the week ended June 19, reducing stocks to levels not seen since 1983.
- 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.
- Analyst Insight
Seaway Export Slowdown Signals SPR Release Program Is Winding Down
As discussed in this week's Crude Voyager, despite U.S.
