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US Reserve Low, Brent Below $80, China Cuts Imports

6/21/2026

29 4 Full Breakdown

Summary

Story summary

The United States Strategic Petroleum Reserve fell to a historically low level after drawdowns.
It holds fuel for 44 days of gasoline, 39 days of diesel and 32 days of jet fuel.
Brent crude fell below $80 a barrel on Friday, the lowest price since the conflict began.
China’s state-owned firms kept crude stockpiles near full and cut daily oil imports by roughly one-third during the war.

History

Historical Context

In October 1973 OAPEC imposed an oil embargo on the United States after the Yom Kippur War, sending crude prices from about $3 to $12 per barrel—a 300 % jump. Nixon’s administration responded by creating the Strategic Petroleum Reserve. Today the SPR’s 44-day drawdown echoes that 1973 shock, underscoring how depleted reserves fuel market volatility.

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Story summary

The United States Strategic Petroleum Reserve fell to a historically low level after drawdowns.
It holds fuel for 44 days of gasoline, 39 days of diesel and 32 days of jet fuel.
Brent crude fell below $80 a barrel on Friday, the lowest price since the conflict began.
China’s state-owned firms kept crude stockpiles near full and cut daily oil imports by roughly one-third during the war.

1 / 2