EIA: U.S. SPR Crude Stocks Fall to New 44-Year Low


   EIA: U.S. SPR Crude Stocks Fall to New 44-Year Low

   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) - U.S. crude oil inventories in the Strategic Petroleum 
Reserve (SPR) fell to their lowest level since October 1982 during the week 
ended October 23, extending a prolonged drawdown as the federal government 
authorized additional emergency petroleum exchanges to address supply 
disruptions, according to Energy Information Administration data released 
Wednesday (10/28).

   SPR inventories declined by 100,000 bbl to 282.6 million bbl from 282.7 
million bbl the previous week. Reserves have dropped by approximately 132.8 
million bbl, or 32%, since March 20, following withdrawals in 29 of the past 30 
weeks. The latest balance is also well below the 653.9 million bbl held in 2020.

   The drawdown follows the government's commitment to release 172 million bbl 
from the SPR as part of an international effort to stabilize oil markets. In 
September, the Department of Energy (DOE) announced an additional solicitation 
for up to 40 million bbl under that commitment.

   On Friday (10/23), DOE authorized an emergency exchange of up to 400,000 bbl 
of SPR crude from its West Hackberry site to Phillips 66's Lake Charles 
refinery in Louisiana following a supply disruption. Phillips 66 must return 
the borrowed crude plus additional premium barrels. The authorization followed 
an earlier October exchange of up to 4 million bbl for ExxonMobil and BP 
America to address hurricane-related disruptions.

   Separately, DOE offered up to 315,000 bbl of ultra-low sulfur distillate 
from the Northeast Home Heating Oil Reserve on October 21 to address regional 
supply disruptions, with deliveries scheduled for completion by November 13. 
Unlike the crude oil held in the SPR, the Northeast reserve contains refined 
heating oil, although both programs provide emergency petroleum supplies during 
disruptions.




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