US SPR Falls Below 300 Million Operational Limit As Oil Drain Unexpectedly Surges To 6.1MM Barrels, Most In 2 Months

US SPR Falls Below 300 Million Operational Limit As Oil Drain Unexpectedly Surges To 6.1MM Barrels, Most In 2 Months As negotiations between the US and Iran to reopen the Strait of Hormuz go nowhere, oil prices continue to slide lower on some naive hope that a resolution to the conflict will magically emerge. Meanwhile, both commercial and strategic stocks continue to be drained at a historic pace, and one day virtually every tank bottom will be hit, sparking a historic surge in commodity prices as the market realizes that physical always wins the war with paper oil.  That day just got closer today when the US reported that crude oil stocks in the Strategic Petroleum Reserve fell below 300 million barrels for the first time...

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