US SPR crude stockpiles fall to 285M barrels, lowest since 1982

The Strategic Petroleum Reserve is now at its smallest in more than four decades, which matters less as an energy story than as a signal about how little buffer Washington retains for supply shocks. The draw is a reminder that the reserve has moved from a strategic cushion to a depleted one, and that refilling it would require buying into whatever market conditions prevail at the time. Whether the draw continues and how any refill is framed are the open questions.