With Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories.
The EIA’s latest numbers covered the week ending Nov. 18. Notably, the EIA’s commercial crude oil data did not include the latest releases from the Strategic Petroleum Reserve (SPR).
In the wake of numerous SPR releases under President Joe Biden, that emergency stockpile has fallen to less than 391 million barrels of U.S. crude oil, as of Nov. 18. The SPR hasn’t been so diminished since 1984….