U.S. strategic petroleum reserves fell by 3.122 million barrels last week to 286.6 million barrels, the lowest level since November 1982, when it reached 270.455 million barrels; it is now only about 16.15 million barrels away from that record. At the rate of decline of approximately 18.2 million barrels over the past four weeks, if the release pace continues, it could break this series low within a month. Further inventory reductions also mean that if the risk in the Strait of Hormuz persists, the market's sensitivity to news such as ship attacks and port shutdowns may increase further.
