EIA: SPR Stocks Fall to Lowest in 44 Years


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. Strategic Petroleum Reserve crude oil 
inventories fell to their lowest level in nearly 44 years during the week ended 
September 4, extending declines tied to an emergency crude oil exchange 
initiated earlier this year, according to Energy Information Administration 
data released Thursday (9/10).

   SPR inventories fell by 1.2 million bbl to 285.4 million bbl during the 
reference week from 286.6 million bbl the previous week. The latest inventory 
level was the lowest since the week ended November 5, 1982, when the reserve 
held 284.9 million bbl.

   SPR inventories were 119.9 million bbl, or 29.6%, below the 405.2 million 
bbl reported during the same week last year, EIA data showed.

   The Department of Energy began delivering crude oil from the SPR on March 20 
as part of an emergency exchange under which the United States committed 172 
million bbl toward a coordinated 400 million bbl release by International 
Energy Agency member countries aimed at addressing global oil supply 
disruptions. Companies receiving SPR crude under the exchange are required to 
return the borrowed oil at a later date, along with additional barrels as 
compensation to the government.




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