U.S. crude inventories have extended their decline to a record 17 straight weeks, according to a BlockBeats flash update published on Aug. 8. The streak is the longest on record and exceeds the previous mark of 16 consecutive weekly declines set in 2021. Since early April, total U.S. crude inventories have dropped by 166 million barrels, bringing the total down to 712 million barrels, the lowest level recorded since March 1984. Strategic Petroleum Reserve holdings have also continued to shrink. Since March, SPR inventories have fallen by 111 million barrels to 305 million barrels, their lowest level since February 1983. At the same time, U.S. oil inventories have posted declines for 10 consecutive weeks, matching the record set in 2018. The figures point to a sustained drawdown across both overall crude stockpiles and strategic reserves.
U.S. crude inventories are deep into a long slide, according to a BlockBeats update published on Aug. 8. They have now fallen for 17 weeks in a row. That is the longest weekly losing streak on record, beating the old mark of 16 straight weeks set in 2021.
Since early April, total U.S. crude inventories have shrunk by 166 million barrels, putting stockpiles at 712 million barrels. That is the lowest reading since March 1984.
The Strategic Petroleum Reserve has taken a big hit too. Since March, SPR holdings have dropped by 111 million barrels to 305 million barrels. Lowest since February 1983.
At the same time, U.S. oil inventories have fallen for 10 consecutive weeks, tying the record recorded in 2018.
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