WTI Tops $117 as SPR Hits Lowest Level Since 1982
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Crude oil WTI climbed past $117 a barrel after the Department of Energy authorized a fresh emergency exchange of up to 400,000 barrels from the Strategic Petroleum Reserve to Phillips 66's Lake Charles refinery, citing delivery disruptions.
The repeated drawdowns matter because the SPR now sits at its lowest level since 1982, stripping Washington of a key buffer against further supply shocks and leaving WTI more exposed to geopolitical volatility.
Traders should watch for further emergency releases as a signal that physical tightness, not just headline risk, is driving the current leg higher in WTI.