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US SPR Lowest Since 1987

OIL

The US Strategic Petroleum Reserve dropped by 5mn bbls in the week to May 13 according to the latest US Department of Energy data.

  • Inventories in the SPR fell to 538mn bbls, the lowest since 1987.
  • Around 3.9mn bbls of sour crude was released, while around 1.1mn bbls was sweet crude.
  • A handful of vessels have carried crude from the US SPR to Europe as the region scrambles to cover the loss of Russian barrels.
  • The drop in SPR inventories comes as part of the US commitment to release 180mn bbls over 180 days in a bid to increase global crude availability.
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The US Strategic Petroleum Reserve dropped by 5mn bbls in the week to May 13 according to the latest US Department of Energy data.

  • Inventories in the SPR fell to 538mn bbls, the lowest since 1987.
  • Around 3.9mn bbls of sour crude was released, while around 1.1mn bbls was sweet crude.
  • A handful of vessels have carried crude from the US SPR to Europe as the region scrambles to cover the loss of Russian barrels.
  • The drop in SPR inventories comes as part of the US commitment to release 180mn bbls over 180 days in a bid to increase global crude availability.