U.S. Strategic Petroleum Reserve Sinks to 40-Year Low, but Market Impact Seen as Limited

The U.S. Strategic Petroleum Reserve (SPR) has dwindled to its lowest level in more than four decades, federal data showed on May 29, 2026. Despite the record drawdown, analysts suggest the decline may not significantly disrupt crude markets. SPR inventories have fallen to approximately 340 million barrels, reflecting years of congressionally mandated sales and emergency releases. The reserve has not been this depleted since the early 1980s. However, the U.S. now pumps over 13 million barrels of crude per day, making it the world’s top producer, and commercial stockpiles remain robust. “The SPR’s diminished role is a structural shift,” said Bob McNally, president of Rapidan Energy Group. “Abundant shale output and a more flexible global supply chain have eroded its price-swaying power.” Crude futures were little changed, with West Texas Intermediate trading near $72 a barrel.