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.