Story perspectives

US Crude Stocks Plunge 8.3 M Barrels, Prices Slip.

6/17/2026

Summary

U.S. Oil Plunge

U.S. crude oil inventories fell 8.33 million barrels in the week ending June 12, surpassing the 4.5 million-barrel forecast.
Petroleum Reserve inventories dropped to 340.3 million barrels, the lowest level since 1983 and 385 million below capacity.
Crude production rose to 13.799 million barrels per day in the week ending June 5, up 371,000 barrels year over year.
Brent fell to $79.18 and WTI to $76.25, each about $12 lower than the prior week.

Summary

Trump Refills SPR

President Donald Trump announced Energy Department will refill the Strategic Petroleum Reserve with 200 million barrels within a year using an exchange program that returns more oil than was borrowed.
The program requires borrowers to return the original volumes with a premium, which could generate over $3 billion in taxpayer savings.
Congress has authorized the sale of roughly 358.6 million barrels of crude from fiscal 2017 through fiscal 2031 to offset budget deficits.

History

Historical Context

The Strategic Petroleum Reserve was created by the 1975 Energy Policy and Conservation Act, signed by President Gerald Ford, to meet the IEA’s 90-day import-stock requirement after the 1973 Arab oil embargo. Today the SPR holds roughly 340 million barrels—its lowest level since 1983—and lawmakers cite the 1975 precedent when proposing a 200-million-barrel refill to curb price volatility.

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U.S. Oil Plunge

U.S. crude oil inventories fell 8.33 million barrels in the week ending June 12, surpassing the 4.5 million-barrel forecast.
Petroleum Reserve inventories dropped to 340.3 million barrels, the lowest level since 1983 and 385 million below capacity.
Crude production rose to 13.799 million barrels per day in the week ending June 5, up 371,000 barrels year over year.
Brent fell to $79.18 and WTI to $76.25, each about $12 lower than the prior week.

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