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U.S. Strategic Petroleum Reserve drops to lowest level since 1987

Commodities May 16, 2022 03:56PM ET
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© Reuters. FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson

HOUSTON (Reuters) -The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed.

Stockpiles http://www.spr.doe.gov/dir/dir.html in the Strategic Petroleum Reserve (SPR) fell to 538 million barrels, the lowest since 1987.

About 3.9 million barrels of sour crude was released into the market, while about 1.1 million barrels of sweet crude was issued, according to the data.

President Joe Biden in March announced the largest release ever from the U.S. emergency oil reserve at 1 million barrels per day (bpd) of crude oil for six months from the reserve in an attempt to bring down gasoline prices that have soared during Russia's war with Ukraine.

Before that, the United States had committed to release 30 million barrels of SPR oil in March and pledged in November to release 50 million barrels from SPR.

U.S. oil prices have surged nearly 25% to nearly $114 per barrel as markets worry about a supply crunch. Retail gasoline and diesel prices touched record highs this week as fuel demand rebounds to near pre-pandemic levels, while refining capacity has dropped.

The 180 million-barrel release is equivalent to about two days of global demand, and was the third time Washington had tapped the SPR in the six months prior.

Winners of the latest round of sales from the SPR include Valero Energy Corp (NYSE:VLO), Motiva, Exxon Mobil (NYSE:XOM), Shell (LON:RDSa), Phillips and Marathon Petroleum Corp (NYSE:MPC).

At least three vessels carrying crude oil from U.S. emergency stockpiles sailed for Europe in April as refiners there scrambled to replace Russian crude supplies, according to U.S. Customs data, ship tracking, and an industry source.

U.S. Strategic Petroleum Reserve drops to lowest level since 1987
 

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Comments (4)
John Berry
John Berry May 16, 2022 7:31PM ET
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See you at $200
Buffett Advisor
Buffett Advisor May 16, 2022 5:35PM ET
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Pelosi and Schumer and Obama are screwing the entire country for their own personal wealth
Alan Rice
Alan Rice May 16, 2022 5:35PM ET
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So whats your point ??
Randy Gomez
Randy Gomez May 16, 2022 5:35PM ET
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Pelosi needs to go, I think that's his point
Me comment
Me comment May 16, 2022 5:35PM ET
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still trying to blame Obama for something six years after he left office, another uneducated trump follower flapping his jaws and saying nothing useful.
Ac Tektrader
Ac Tektrader May 16, 2022 5:30PM ET
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but carlos I thought you wanted the biden administration to at least try to do something about high oil prices?????
Joseph Armour
Joseph Armour May 16, 2022 3:46PM ET
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Good thing there's no world tension and possible war looming.
 
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