SPR fell to 325.7 million barrels last week.
Lowest level since early 1980s.
Down 5.5 million barrels in one week.
Government releases around 1.43 million barrels per day since March.
Buffer to authorized minimum of 243 million barrels equals 82.7 million barrels.
At current rates buffer lasts late August to mid October.
Cushing storage near operational minimum.
Physical market pressures hidden by SPR draws.
Buffer exhaustion this fall removes artificial suppression.
Market may reprice sharply if Hormuz flows stay limited and demand rebounds.
Dmitri Stewart Substack on oil mirage and SPR math: https://dmitristewart.substack.com/p/the-oil-mirage