US crude oil inventories are experiencing an unprecedented decline: Total US crude oil inventories have fallen for 17 consecutive weeks, the longest streak on record. This surpasses the previous record of 16-straight weekly declines seen in 2021. Since early April, total crude oil inventories have plunged -166 million barrels, to 712 million barrels, the lowest since March 1984. The Strategic Petroleum Reserve (SPR) alone has dropped -111 million barrels since March, to 305 million barrels, the lowest since February 1983. Meanwhile, excluding the SPR, US oil inventories have fallen for 10 consecutive weeks, matching the 2018 record streak. US oil supplies are experiencing a historic decline.(The Kobeissi Letter)