Stocks of crude oil in the U.S. Strategic Petroleum Reserve (SPR) have fallen to their lowest level since April 1983, dropping by approximately 3 million barrels last week to stand at 316.5 million barrels.
The latest data point confirms a sustained depletion trend that has been reshaping the global supply landscape over recent months.
This structural drawdown carries significant implications for energy markets, particularly as the buffer against supply shocks thins.
With the SPR holding less than half its peak capacity, the market’s tolerance for disruption is reduced.
Traders are increasingly pricing in a higher risk premium for Brent crude, given that the US government has fewer barrels available to release in the event of a geopolitical crisis or major supply interruption.
The decline aligns with broader shifts in US energy policy and market dynamics.