BREAKING: The Strategic Petroleum Reserve (SPR) fell -3.8 million barrels last week, to 308 million barrels, the lowest since March 1983. This marks the 18th consecutive weekly decline, the longest since 2023, per Zerohedge. During this period, US oil reserves in the SPR have fallen -108 million barrels, or -26%. Meanwhile, commercial crude oil stocks excluding the SPR dropped -7.2 million barrels, to 405 million barrels, the lowest since October 2018. This is also ~7% below the 5-year average for this time of the year. America's oil buffer is evaporating.(The Kobeissi Letter)