U.S. Crude Inventories Fall 17.8 Million Barrels in Record Weekly Drawdown
Total U.S. crude inventories dropped 17.8 million barrels last week, the largest weekly decline on record. The Strategic Petroleum Reserve alone lost 9.9 million barrels, bringing its level to 374 million barrels after 42 million barrels have been released since the Iran war began.
gurufocus.comS. 8 million barrels in the most recent week, the largest single-week drawdown in history. 9 million barrels, the biggest drop since mid-February. 9 million barrels, also a record weekly decline.
The combined drawdown marks the eighth consecutive weekly decline, the longest streak in three years. Since the Iran war began, 42 million barrels have been removed from the SPR, equal to 10 percent of the reserve's total capacity. The SPR now holds 374 million barrels, its lowest level since July 2024. S. buffer against potential future supply disruptions.
The SPR was created to cushion against major supply shocks. Officials have not stated how long the current export-driven drawdown will continue. At the present pace, the reserve's remaining capacity would shrink further in coming weeks. Bloomberg reported the weekly figures and noted the export destination for much of the released oil.
Key Facts
Story Timeline
5 events- Last week
U.S. crude inventories fell 17.8 million barrels, the largest weekly drawdown on record.
2 sourcesKobeissiLetter · MarioNawfal - Last week
Commercial crude stocks declined 7.9 million barrels, the biggest drop since mid-February.
1 sourceKobeissiLetter - Last week
The Strategic Petroleum Reserve lost 9.9 million barrels in a single week.
2 sourcesKobeissiLetter · MarioNawfal - Since Iran war began
42 million barrels, or 10% of the SPR, have been drained, mostly via exports to Asia.
2 sourcesKobeissiLetter · MarioNawfal - Current
The SPR stands at 374 million barrels, the lowest level since July 2024.
2 sourcesKobeissiLetter · MarioNawfal
Potential Impact
- 01
The U.S. emergency oil buffer against supply shocks is now smaller than at any recent point.
- 02
Continued exports from the SPR could further reduce the reserve's capacity in coming weeks.
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