Oil stocks in US Strategic Petroleum Reserve fall by 3 million barrels to lowest level since 1983

U.S. Strategic Petroleum Reserve stocks fell by ~3.0 million barrels to 316.5 million barrels, the lowest level since April 1983, per DOE data. The drawdown signals tightening supply buffers and could be a modest supportive factor for crude prices near term.

Analysis

U.S. Strategic Petroleum Reserve stocks fell by ~3.0 million barrels to 316.5 million barrels, the lowest level since April 1983, per DOE data. The drawdown signals tightening supply buffers and could be a modest supportive factor for crude prices near term.