US crude stocks have fallen below 800mn barrels for the first time since 1985. As of 16 December the world’s largest oil consumer had 418mn barrels in commercial crude inventories and 379mn barrels in its strategic petroleum reserve for a total of 797mn barrels down from 1,105mn barrels at the start of the year.
Whist the commercial stocks figure is little changed from 421mn barrels at the end of 2021 (though this was the lowest end-year figure since 2014), the SPR figure is down by a massive 215mn barrels (36%) on the start of the year for what would be the lowest end-year figure since 1982. (CONTINUED - 310 WORDS)