U.S. Gasoline Supplies Hit 12-Year Low as Fuel Crisis Rages On
- The Strategic Petroleum Reserve fell to 283.8 million barrels last week, marking the lowest level since October 1982, according to Department of Energy data.
- President Trump authorized the current drawdown in March as part of a coordinated 400 million-barrel release by 32 IEA member countries, including a 172 million-barrel agreement from the facility.
- Swaps with Shell, Vitol, and Trafigura account for about 133 million barrels of the drawdown, with contracts requiring a return of 1.25 barrels for every one taken. The reserve is testing its 252.4 million barrel Federal operational minimum.
- Atlantic Council energy analyst Ben Cahill warned the releases carry diminishing returns, stating, "at a certain point it becomes a self-defeating move," while MST Marquee's Saul Kavonic described the market as "living on an oil market credit card."
- The Department pledged to refill about 200 million barrels within a year at no cost to taxpayers, following the discharge that was expected to take roughly 120 days.
108 Articles
108 Articles
Between 11 March and 21 July, released stocks reached 290 million barrels and only 35 million barrels were added between the end of July and the beginning of October.
The International Energy Agency announces the release of 325 million barrels of oil to stabilize a high-voltage market.
IEA Member Countries Release 325 Million Barrels Of Oil From Strategic Reserves
The update came a day after G7 countries, in coordination with the IEA, agreed to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by fallout from the US-Iran war.
DOE Issues Final 40 Million Barrel SPR Sale to End Active Market Intervention
The U. S. Department of Energy (DOE) has issued a request for proposals for the sale of 40 million barrels of crude oil, marking the final tranche of a broader divestment from the Strategic Petroleum Reserve (SPR). This concluding sale follows a period of high-volume releases, totaling 172 million barrels over the last six months. The series of releases was designed to inject physical volumes into the market to mitigate price volatility. With th…
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