The US strategic petroleum reserve (SPR) falls to the lowest level since 1983
The Strategic Petroleum Reserve (SPR) fell by 5.5 million barrels this week to 325.7 million barrels, pushing inventories to their lowest level since 1983.
Crude oil prices are moving higher today, with WTI up $1.78 to $71.02 after trading as low as $69.32 earlier in the session. The price has climbed to within a few cents of the day’s high at $71.09, signaling improved buying interest after last week’s sharp decline.
From a technical perspective, crude has moved back above its 100-hour moving average at $70.80. However, traders will remember that on June 22, the price briefly broke above that same moving average before quickly rotating back to the downside. As a result, buyers still need to prove they can sustain the move.
If the price can remain above the 100-hour moving average, the next upside target comes in at the 200-hour moving average near $72.91. Above that, the 200-day moving average at $73.84 becomes the next major hurdle. A break above both of those levels would significantly improve the longer-term technical outlook and shift the bias back in favor of the bulls.
Since peaking at $96.86 on June 3, crude oil has fallen sharply, reaching a low of $68.56 last Friday. That decline may be in the process of running its course, but confirmation will come only if buyers can keep the price above the 100-hour moving average and build momentum toward the key resistance levels outlined.
Here’s the full SPR history going back to the reserve’s first fill. A few things stand out:
The rise (1977–2009): The SPR filled steadily, with the biggest single-year jump in 1981 (+120M barrels) driven by anxiety over the Iranian Revolution and the Iran-Iraq War. After 9/11, President Bush ordered an aggressive refill that pushed the reserve to its all-time peak of 727M barrels in January 2010.
The modern drawdowns: The 2022 Biden release of ~180M barrels was by far the largest in history — roughly 6× larger than the Katrina release and nearly 2/3 of total SPR stocks at the time. The reserve dropped to its lowest level since the early 1980s.
Right now: At 325.7M barrels, the SPR is at its lowest since 1983 — and with the Trump administration’s coordinated IEA release of 172M barrels announced in March 2026 currently underway, it will go lower still. That release alone is comparable in scale to the entire Biden drawdown.
This article was written by Greg Michalowski at investinglive.com.