US Strategic Petroleum Reserve Falls 6.2 Million Barrels to 319.5 Million as Brent Jumps 5.2%
Updated
Updated · Al Jazeera English · Jul 9
US Strategic Petroleum Reserve Falls 6.2 Million Barrels to 319.5 Million as Brent Jumps 5.2%
3 articles · Updated · Al Jazeera English · Jul 9
Summary
319.5 million barrels remained in the SPR in the week ended July 3 after a 6.2 million-barrel draw, leaving the US emergency stockpile at its lowest level since 1983.
$78.02 a barrel Brent settled up 5.2% on Wednesday as renewed US-Iran tensions revived fears that any disruption around the Strait of Hormuz could tighten global supply.
Only about 7% of US crude consumption moves through Hormuz, but oil is priced on global benchmarks, so supply risks there still raise costs for US refiners, petrol, diesel and air travel.
The reserve is already depleted by earlier emergency releases, including 180 million barrels after Russia's 2022 invasion of Ukraine and continued drawdowns since March tied to the Iran conflict.
319.5 million barrels gives Washington less room to calm markets if the crisis drags on, with some analysts warning part of the remaining crude may be unusable.