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Open original source ↗The total barrel drawdown of the strategic petroleum reserve is still way lower than 2022, but the rate of drawdown in 2 months has hit a new record.
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60 million barrels of oil have exited the US Strategic Petroleum Reserve in the last 8 weeks, exceeding the draws from the Gulf War, the 2000 winter supply scare, the 2011 Libya reaction and even the 2022 pace. With energy comprising 3.5% of the S&P 500, the typical investor has more in Amazon than they do this entire sector. The US cannot perpetually fill the gap from lost Hormuz barrels.
JeffWeniger ↗