US EMERGENCY OIL STOCKPILE SEES RECORD DRAWDOWN The U.S. Strategic Petroleum Reserve fell by 8.6 million barrels last week, the largest weekly drop on record, as the Trump administration responds to ongoing energy market stress. The drawdown surpasses the previous record set under President Biden in 2022 and leaves emergency crude reserves at their lowest level since October 2024. Commercial crude and gasoline inventories also declined sharply amid continued disruptions linked to the Strait of Hormuz closure and strong export demand. Analysts warn the U.S. is entering peak summer driving season with unusually tight fuel supplies and little room for further shocks.(*Walter Bloomberg)