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US SPR crude inventories fell by ~8.0mb w/w

Created at 1 Jun · 4:58 PM8 sources↑ Market-relevant9 events
IN SHORT

US Strategic Petroleum Reserve (SPR) crude inventories decreased by approximately 8.0 million barrels week-over-week, reaching a total of 357.1 million barrels. Sour crude inventories fell by 5.4 million barrels and sweet crude by 2.6 million barrels. The total crude draw for the week was 16.15 million barrels.

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Key Numbers

357.1 million barrelsUS SPR crude inventories
8.0 million barrelsw/w decrease in SPR crude inventories
5.4 million barrelsw/w decrease in sour crude inventories
2.6 million barrelsw/w decrease in sweet crude inventories
16.15 million barrelstotal crude draw for the week
347 million barrelslowest SPR level in July 2023
300 million barrelsprojected SPR level soon

Who's Involved

Department of Energy (DoE)
Provided data on SPR releases
HFI_Research
Reported crude oil estimates and SPR release data
US SPR crude inventories fell by ~8.0mb w/w

↳ Why This Matters

The Strategic Petroleum Reserve (SPR) is a U.S. national defense reserve of crude oil. Releases from the SPR are typically made to mitigate supply disruptions or to influence oil prices. Significant ongoing releases can impact global oil markets and domestic energy security.

Key facts

  • US SPR crude inventories decreased by 8.0 million barrels week-over-week.
  • Total SPR crude inventories reached 357.1 million barrels.
  • Sour crude inventories fell by 5.4 million barrels.
  • Sweet crude inventories fell by 2.6 million barrels.
  • The total crude draw for the week was 16.15 million barrels.

The Strategic Petroleum Reserve (SPR) is a U.S. national defense reserve of crude oil. Releases from the SPR are typically made to mitigate supply disruptions or to influence oil prices. Significant ongoing releases can impact global oil markets and domestic energy security.

Frequently asked questions

The SPR is a U.S. national defense reserve of crude oil, maintained to ensure energy security and respond to supply disruptions.

Releases are typically made to address supply disruptions, manage market volatility, or fulfill specific policy objectives.

The "Biden low" refers to the lowest level the SPR has reached during President Biden's administration.

What Happens Next

01The SPR is projected to fall below the "Biden low" by late next week.
02The SPR is expected to go below 300 million barrels soon.

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Cadence
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How It Developed

2 Jun · 5:04 AM
The US SPR is projected to reach its lowest level since August in under 10 days, according to a breaking news alert.
@jam_croissant via PiQSuite
1 Jun · 7:24 PM
The SPR is less than 10 days from its lowest level since August 1983, a new historical low.
@staunovo via PiQSuite
1 Jun · 5:57 PM
The article provides an estimate for the week of May 29th, confirming an 8 million barrel SPR release and a 16.15 million barrel total crude draw.
@staunovo via PiQSuite
1 Jun · 5:52 PM
The article states the SPR is expected to fall below 300 million barrels soon, a new projection.
@staunovo via PiQSuite
1 Jun · 5:48 PM
The article reveals the total crude draw was 16.15 million barrels, the third largest in history.
@HFI_Research via PiQSuite
1 Jun · 5:00 PM
The article provides specific figures for the decrease in sour and sweet crude inventories within the SPR.
@staunovo via PiQSuite
1 Jun · 4:54 PM
The SPR released ~8 million barrels of oil last week, with current release rates projecting it to fall below the Biden low by late next week.
@JavierBlas via PiQSuite

Sources

T1
Another hefty SPR release last week: According to DoE data, the SPR put in the market ~8 million barrels last week (~1.1m b/d), slightly less than previous weeks (8.6m; 9.9m; and 9.1m). At the current pace of releases, the SPR will drop below the Biden low by late next week.@JavierBlas via PiQSuite
T1
US SPR crude inventories fell by ~8.0mb w/w to 357.1mb last week #oott Sour down ~5.4mb to 220.1mb Sweet down ~2.6mb to 137.0mb https://t.co/yeh2zJduGs@staunovo via PiQSuite
T1
RT @JavierBlas: Another hefty SPR release last week: According to DoE data, the SPR put in the market ~8 million barrels last week (~1.1m…@SamuelBHudson via PiQSuite
T1
Final crude estimate for May 29 week. SPR release of 8 million bbls. Total crude draw is 16.15 million bbls. Commercial crude draw of 8.15 million bbls. This is the 3rd largest total crude draw in history. https://t.co/UHCsRksHK1@HFI_Research via PiQSuite
T1
RT @HFI_Research: Final crude estimate for May 29 week. SPR release of 8 million bbls. Total crude draw is 16.15 million bbls. Commercial…@staunovo via PiQSuite
T1
RT @kxviswan123: @staunovo The lowest SPR level was 347 MM barrels in July 2023. We are going below 300 MM barrels very soon.@staunovo via PiQSuite
T1
RT @GasBuddyGuy: The U.S. Strategic Petroleum Reserve (SPR) is less than 10 days away from falling to its lowest level since August 1983- o…@staunovo via PiQSuite
T1
RT @Megatron_ron: BREAKING: 🇺🇸 The U.S. Strategic Petroleum Reserve is less than 10 days away from falling to its lowest level since August…@jam_croissant via PiQSuite

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