US oil inventories are collapsing: Total US crude inventories, including the Strategic Petroleum Reserve (SPR), fell by -17.8 million barrels last week, the largest weekly drawdown in history. Commercial crude inventories fell -7.9 million barrels, the biggest decline since mid-February. Furthermore, the SPR alone shed -9.9 million barrels, the largest weekly drain on record. This marks the 8th consecutive weekly decline, the longest streak in 3 years. Since the Iran War began, 42 million barrels, or 10% of the entire US SPR, have been drained, mostly via exports to Asia. The SPR now stands at 374 million barrels, the lowest since July 2024, leaving the US with a significantly reduced buffer against future supply shocks. The US emergency oil cushion is disappearing faster than at any point in history.(The Kobeissi Letter)