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The Kobeissi Letter@KobeissiLetter
BREAKING: The Strategic Petroleum Reserve (SPR) fell -300,000 barrels last week, to 282.7 million barrels, the lowest level since October 1982.

Since March 20th, US oil inventories in the SPR have dropped -132.8 million, or -32%.

We have now seen drawdowns in 29 of the last 30 weeks.

For perspective, oil reserves in the SPR stood at 653.9 million barrels in 2020, or +131% above current levels.

Meanwhile, commercial crude oil stocks excluding the SPR dropped -3.1 million barrels last week, to 412.5 million barrels, the lowest reading since the end of July.

This is also ~3% below the 5-year average for this time of year.

America's oil stockpiles are at critically low levels.
Oct 22, 2026 · View on X
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The core numbers check out against the EIA weekly data, as reported by trackers that use it. For the week ending October 16 (released October 21), the Strategic Petroleum Reserve held 282.7 million barrels, down 0.3 million from 283.0 the week before. Trackers built on the EIA series (WCSSTUS1) describe that as the lowest since October 1982, and the post's 132.8 million drop from 415.4 million on March 20 (about 32%) matches. The 653.9 million figure for 2020 matches the SPR's peak range, and 282.7 is about 131% below it, which is the post's arithmetic. Commercial crude is consistent too: the EIA figure for the week ending October 9 was 415.6 million, and 415.6 less 3.1 gives 412.5 million. I could not confirm the "29 of the last 30 weeks" drawdown count, so treat that one as unchecked. The "critically low" line is the author's opinion, not a measurement. The SPR is built as an emergency reserve, and it is now about 40% of its roughly 714 million barrel capacity. Commercial stocks at about 3% below the five-year average is a real tightening, but the post doesn't say what the stocks would need to be to count as critical. One tracker ties the drawdown to the supply disruption earlier in 2026, but I did not verify that link against an official source.

🕒 As of October 2026

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