The US Strategic Petroleum Reserve fell to its lowest inventory level in 44 years. The drop follows a US commitment to withdraw 172 million barrels, and the Department of Energy also approved an emergency exchange tied to a Louisiana refinery disruption.
The United States Strategic Petroleum Reserve declined to 282.6 million barrels last week, the lowest inventory level in 44 years, according to Department of Energy data.
The reduction stems from a US commitment to withdraw 172 million barrels from the reserve facility.
Separately, the Department of Energy approved an emergency exchange of up to 400,000 barrels of crude oil from the reserve last week. The authorization addresses a supply disruption at the Lake Charles refinery that Phillips 66 operates in Louisiana.
Source: Investing.com
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