According to the latest EIA weekly report, the U.S. Strategic Petroleum Reserve (SPR) is depleting at a record pace, shifting its role from a strategic buffer to a "last supplier" for the market, while sending a clear warning signal to the global energy supply chain.

🚨 Reserve acceleration
As of the week ending May 8, the SPR decreased by approximately 8.6 million barrels in a single week, the largest weekly decline on record, marking the seventh consecutive week of decline.
This drop has erased nearly half of the replenishment from July 2023 to March 2026 (about 31 million barrels).
In the previous three weeks, a total of 2 million barrels had already been reduced, with an acceleration trend in late April.
📈 Exports hit a new record high
During the same period, U.S. crude oil exports surged by 742k barrels per day, reaching an average of 5.5 million barrels per day, the second-highest level in at least three years.
In April this year, U.S. crude oil and refined product exports combined reached an average of about 12.9 million barrels per day, continuing an upward trend.
In the past four weeks, the net export volume of U.S. crude oil and refined products averaged as high as 5.9 million barrels per day, setting a new historical record.
⚠️ Reserve nearing its limit
The SPR strategic buffer is approaching its limit, with very limited space for release:
New low in inventory: SPR stocks have fallen to 384 million barrels, the lowest since October 2024, and continue to decline.
Reaching the red line: If all authorized releases are completed, reserves could drop to about 242 million barrels, falling below the statutory minimum of 252 million barrels.
Almost exhausted: It is estimated that the actual releasable space may only be 80 to 90 million barrels, and with aging salt cavern facilities, backup options are limited.
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