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United State Strategic Petroleum Reserve currently at Lowest Level since April 1983
Posted on 7/7/26 at 12:59 pm
Posted on 7/7/26 at 12:59 pm
quote:
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 6.2 million barrels in the week ending July 3 to 319.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy.
The drawdown is part of a U.S. agreement to release 172 million barrels from the facility to plug a gap in global inventories since the Iran war and help push down fuel prices.
Since the war began at the end of February, overall U.S. inventories, including commercial and SPR stocks, have fallen by 120.71 million barrels to 734 million barrels as of June 26, the lowest since 1984.
LINK
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Posted on 7/7/26 at 1:07 pm to ragincajun03
quote:
Lowest Level since April 1983
quote:
fallen by 120.71 million barrels to 734 million barrels
So less than 20% down....
Posted on 7/7/26 at 1:17 pm to ragincajun03
At least there is a plan to replace the bbls within the calendar year with paybacks.
Hopefully the damage is limited. Sounds like the SPR had some learnings
Hopefully the damage is limited. Sounds like the SPR had some learnings
This post was edited on 7/7/26 at 1:18 pm
Posted on 7/7/26 at 1:20 pm to fightin tigers
About a 20% premium or “interest” on top of what was loaned, correct?
Posted on 7/7/26 at 1:21 pm to ragincajun03
This is why Trump had to stop. All inventories all over the world that were cushioning oil price spikes were approaching “tank bottoms”.
The Iraqis ran out the clock.
The Iraqis ran out the clock.
Posted on 7/7/26 at 1:25 pm to UptownJoeBrown
quote:
This is why Trump had to stop. All inventories all over the world that were cushioning oil price spikes were approaching “tank bottoms”. The Iraqis ran out the clock.
lol. Clock is still running. It is geo-politics here. The game does not last 30 days.
Posted on 7/7/26 at 1:28 pm to Alltheway Tigers!
Exxon and Chevron CEOs disagree with you. Course I’m sure you are right.
Posted on 7/7/26 at 1:30 pm to ragincajun03
quote:
About a 20% premium or “interest” on top of what was loaned, correct?
Something like that. There are some specifics that vary.
Posted on 7/7/26 at 1:31 pm to Alltheway Tigers!
quote:
lol. Clock is still running. It is geo-politics here. The game does not last 30 days
China will have plenty of ships go in and fill up before that timeline is up.
Posted on 7/7/26 at 1:32 pm to UptownJoeBrown
quote:
The Iraqis ran out the clock.
But hey…I am quite sympathetic to that Alan Jackson song.
Posted on 7/7/26 at 1:32 pm to ragincajun03
How did we ever survive 1983?!?!
Posted on 7/7/26 at 1:44 pm to W2NOMO
quote:
How did we ever survive 1983?!?!
That was the highest it had ever been up to that point.
SPR started in 1977, but built until the first "test sale" sometime is like 1985
Posted on 7/7/26 at 2:14 pm to ragincajun03
Prices will keep going down and we will refill
Posted on 7/7/26 at 2:31 pm to ragincajun03
Blah blah blah.
Do you actually think they would tell us how much petroleum is reserves.
Do you actually think they would tell us how much petroleum is reserves.
Posted on 7/7/26 at 3:20 pm to Shexter
quote:
Lowest Level since April 1983
That is pretty significant, that's peak Iran-Iraq war. Arms trafficking for oil has and never will be better, openly doing so with Iraq while simultaneously trading with Iran under the table
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