Record oil draw from US emergency reserve drives total volumes to two-year low

A record 9.9 million barrels were shipped from the U.S. Strategic Petroleum Reserve last week, reducing the emergency stockpile to about 374 million barrels, its lowest level since July 2024. The update is mainly a supply-side data point for crude markets and government inventory management, with limited immediate price impact unless accompanied by broader policy or demand changes.

Analysis

A record 9.9 million barrels were shipped from the U.S. Strategic Petroleum Reserve last week, reducing the emergency stockpile to about 374 million barrels, its lowest level since July 2024. The update is mainly a supply-side data point for crude markets and government inventory management, with limited immediate price impact unless accompanied by broader policy or demand changes.