Crude Tops $117 as SPR Hits Lowest Level Since 1982
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Oil prices climbing above $117 per barrel have forced the Department of Energy to authorize another emergency exchange from the Strategic Petroleum Reserve, this time sending up to 400,000 barrels from the West Hackberry site to Phillips 66's Lake Charles refinery.
The repeated reliance on reserve barrels highlights how thin U.S. supply buffers have become, with the SPR now sitting at its lowest level since 1982. Each drawdown reduces the cushion available for future disruptions, even as domestic rig counts hold steady at 603.
Traders should watch whether further refinery-specific shortfalls trigger additional releases, which could cap near-term price spikes but leave the reserve increasingly depleted heading into 2027.