US Diesel Stockpiles Sink to Lowest Since 2003 as Fuel Reserves Drain

US diesel stockpiles just hit a level not seen in more than two decades. Inventories fell by 3.6 million barrels last week, landing at 99.3 million barrels — the lowest reading since May 2003, according to the Kobeissi Letter. That's the number that jumps off the page.

The slide is not a one-week blip. Since January 2026, distillate fuel oil inventories have dropped 33.7 million barrels, a decline of 25%. A quarter of that stockpile has evaporated in a matter of months.

The Strategic Petroleum Reserve is draining too. It fell by 399,000 barrels last week, now sitting at 282.2 million barrels — its weakest since October 1982. Since March, the SPR has shed 133.2 million barrels, a 32% drop.

Commercial crude oil stocks, which exclude the SPR, declined by 865,000 barrels last week. They now stand at 409.8 million barrels, the lowest since July 31.

Add it up and the picture is reserves retreating on every front. The Kobeissi Letter summed it up bluntly: US fuel reserves are being depleted at a rapid pace. Diesel sits at its lowest since May 2003, the SPR at its lowest since October 1982 — two of the most stretched readings in decades, arriving at the same time.