US Plans 40M-Barrel SPR Loan as Reserves Drop to 349.2M Barrels
BNO•US DOE will loan up to 40 million barrels from the Strategic Petroleum Reserve, as SPR inventories drop to 349.2 million barrels, the lowest since 1983. Commercial crude stocks (ex-SPR) fell by 7.2 million barrels, distillate inventories declined and gasoline stocks increased.
1. Strategic Petroleum Reserve Loan Offer
The Department of Energy has authorized loans of up to 40 million barrels of crude oil from the Strategic Petroleum Reserve to market participants, aiming to bolster supply and alleviate upward pressure on domestic fuel prices.
2. Historic Reserve Drawdown
SPR inventories have declined to 349.2 million barrels, marking the lowest level since 1983 and reflecting a sustained drawdown trend driven by previous sales and emergency distributions.
3. Commercial Inventory Movements
Excluding the SPR, commercial crude inventories fell by 7.2 million barrels last week, while distillate stocks also decreased and gasoline inventories rose, highlighting shifting demand and refinery utilization patterns.
