Combined commercial and strategic petroleum reserves have now dropped to their lowest point in more than two decades, according to data from the Energy Information Administration.
For the week ending May 29, 2026, commercial crude oil inventories fell by roughly 8 million barrels, landing at approximately 434 million barrels. That figure alone sits about 3% below the five-year average. Factor in the depleted Strategic Petroleum Reserve, and the total picture looks even more concerning.
What’s draining the tanks
The weekly drawdown didn’t happen in a vacuum. It’s part of a multi-week trend driven by two forces pulling in the same direction: US crude exports have been running hot, while imports have pulled back.
Prolonged conflict involving Iran has disrupted supply chains across the Middle East, adding strain to an already tightening market. The SPR withdrawals themselves aren’t purely a market-driven response. They’re part of coordinated international efforts aimed at keeping oil prices from spiraling.
