Key facts
- US crude oil inventories fell by 6.75 million barrels in the week ending May 29.
- US crude oil inventories fell by 2.8 million barrels in the prior week.
- US crude inventories have risen by 16 million barrels year-to-date.
- US Strategic Petroleum Reserve inventories are nearing an all-time low.
- SPR levels are around 370 million barrels, the lowest since 1983.
US crude oil inventories experienced a significant decline in the week ending May 29, with the American Petroleum Institute (API) estimating a draw of 6.75 million barrels. This follows a 2.8 million barrel decrease in the previous week. Despite these recent drawdowns, overall US crude inventories have increased by 16 million barrels year-to-date. Concurrently, inventories within the U.S. Strategic Petroleum Reserve (SPR) continue to decrease, approaching levels not seen since 1983, with current holdings around 370 million barrels. These releases from the SPR are intended to alleviate pressure on oil prices.