U.S. Strategic Petroleum Reserve falls 5.5 million barrels to 326 million, lowest since May 1983
The 13th straight weekly decline marks the longest drawdown streak since the 2021-2023 period, with the move highlighted by Zerohedge.
Summary
The U.S. Strategic Petroleum Reserve, or SPR (U.S. emergency crude stockpile), dropped by 5.5 million barrels last week to 326 million barrels, the lowest level since May 1983. The decline extended the reserve’s losing streak to 13 consecutive weeks, the longest run of weekly decreases since the 2021-2023 period. Zerohedge highlighted the move. The note also references U.S. oil over the same period, but the provided content cuts off before giving further detail.
Terms & Concepts
- Strategic Petroleum Reserve: U.S. emergency crude oil stockpile
- drawdown: A reduction in stored reserves or holdings