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SPR Drops to Lowest Level Since 1983 EIA Reports

oilspr

SPR Drops to Lowest Level Since 1983 EIA Reports 1/11/23

SPR chart

 

EIA Weekly Petroleum Status report indicated that U.S. Strategic Petroleum Reserve (SPR) fell to new lows of 371.6 million barrels.

There has been a steady decline in the SPR for many months. The decline is expedited by the U.S. administration releasing oil from the reserves to put pressure on oil prices in order to fight inflation. Recent report shows SPR settled at levels that haven’t been seen since the end of 1983.  U.S. oil consumption has grown since 1983. At some point, the U.S. will be forced to buy more oil to refill the SPR, which will likely serve as a bullish catalyst for oil markets.

 

 

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