The Kobeissi Letter(@KobeissiLetter):US oil reserves are falling at a record pace: The Strategic Petroleum Reserve (SPR) dropped -8.6 million barrels last week, the largest weekly drawdown on record, per Zerohedge. This marks the 7th consecutive weekly decline, the longest streak since 2023. Over this period, US oil reserves in the SPR have dropped -31 million barrels, to 384 million, the lowest since October 2024. This wipes out nearly half of all the oil added to the SPR between July 2023 and March 2026. Meanwhile, US crude oil exports jumped +742,000 barrels last week, to 5.5 million barrels per day, the 2nd-highest in at least 3 years, after a record 6.5 million barrels per day 2 weeks prior. The world is scrambling for American oil.

2026.05.15 01:38

US oil reserves are falling at a record pace: The Strategic Petroleum Reserve (SPR) dropped -8.6 million barrels last week, the largest weekly drawdown on record, per Zerohedge. This marks the 7th consecutive weekly decline, the longest streak since 2023. Over this period, US oil reserves in the SPR have dropped -31 million barrels, to 384 million, the lowest since October 2024. This wipes out nearly half of all the oil added to the SPR between July 2023 and March 2026. Meanwhile, US crude oil exports jumped +742,000 barrels last week, to 5.5 million barrels per day, the 2nd-highest in at least 3 years, after a record 6.5 million barrels per day 2 weeks prior. The world is scrambling for American oil.