Energy Information Administration data shows a decrease of about 800,000 barrels in federal emergency crude stocks last week. The US Strategic Petroleum Reserve now sits at 283.8 million barrels, its lowest level since 1982, with sour crude falling to 186.9 million barrels while sweet crude remained steady at 96.8 million. This inventory level is down from 406 million barrels a year ago, though the supply cushion has helped keep Brent crude prices under $110 while the Strait of Hormuz operates at one-third of normal capacity.

The current drawdown is the result of a 172 million barrel release ordered in March as part of a joint IEA effort to stabilize global markets. Much of this oil was issued as loans to companies including Shell, Trafigura, and Marathon, which are required to replenish the reserve with a premium of at least 18% more crude by September 2028. Government officials have slowed the pace of these withdrawals, which may now continue through October.