The read
Analysis of Oct 28, 2026, on data through Oct 28, 2026. Charts under each judgment are its evidence; sources are linked in the text.
- This is a supply shock, and the US emergency buffer is mostly spent. WTI crude was $108 a barrel on Oct 20, 2026, up 85% from a year earlier. The Strategic Petroleum Reserve has fallen to 283 million barrels, lower than in 100% of weeks since 1982. In March the US agreed to lend 172 million barrels from the Strategic Petroleum Reserve as its share of a 400-million-barrel release coordinated by the International Energy Agency. The barrels go out as exchanges, to be returned later with a premium. The Department of Energy offered a final tranche of up to 40 million barrels on Sep 29 for delivery in November and December; an offer in June drew only about half a million barrels of bids. (US Department of Energy)
Crude oil (WTI), as quoted and in today's dollars
Dollars per barrel, monthly. Today's dollars use the consumer price index.
Source: Dow Jones & Company; Dow Jones & Company; BLS.
Readings in this chart
Strategic Petroleum Reserve
Millions of barrels, weekly.
Source: Energy Information Administration.
Readings in this chart