The EIA’s latest Weekly Petroleum Status Report (WPSR) released this morning highlights the growing strain the Iran conflict is placing on global oil balances. For the week ended May 15, inventories in the Strategic Petroleum Reserve (SPR) – the world’s largest supply of emergency crude oil - posted a nearly 10 MMbbl draw (far right in chart below), dropping stocks to 374 MMbbl. As discussed in this week's Crude Oil Billboard, this is the largest weekly decline on record and surpasses last week’s then-record 8.6 MMbbl draw, as Washington continues releasing emergency barrels to offset supply disruptions tied to the war and instability around the Strait of Hormuz. This draw is part of the larger coordinated 400 MMbbl release with the IEA and participating member countries as a way to address supply disruptions and price hikes connected to the War in Iran.
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- Analyst Insight
Crude Cushion: IEA Announces Record 400 MMbbl Release as Hormuz Flows Remain Blocked
Earlier today (Wednesday, March 11), the International Energy Agency (IEA) announced the unanimous decision across its 32 member countries to release 400 MMbbl of its emergency stockpile to alleviate supply pressures tied to the war in the Middle East.
- 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.
Comments
Current US Crude Oil storage as of this week's EIA report was 819.2m barrels. If you have an estimate of the minimum operational crude oil storage level, can you please share. ie is is 150 m barrels, 200m barrels , etc ?