The U.S. strategic petroleum reserve is so low it’s near panic levels

Good morning. On Fortune’s radar today:

U.S. emergency oil supplies are dwindling toward panic levels.

Markets: Global selloff continues.

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U.S. emergency oil reserve is at lowest level since the Reagan administration—market braces for panic 

The nation’s emergency reserve for oil and fuel supplies is slipping below Biden-era lows to its most exhausted level since the Reagan era—when the nearly 50-year-old U.S. Strategic Petroleum Reserve was still being filled up. The SPR will hit its lowest volumes since 1983 any day now—if not already—and continue sinking lower as the Trump administration keeps oil exports flowing to the rest of the world and tries to stop domestic prices from rocketing further, Fortune’s Jordan Blum reports.

The Strait of Hormuz remains effectively closed and the fear is it’s just a matter of time before energy markets begin to “panic” and fuel prices soar more uncontrollably, possibly in July or August, said Patrick De Haan, head of petroleum analysis at GasBuddy. “The longer this goes on the fewer tools the administration has in dealing with it and the more risk there is to a slingshot for costs,” De Haan told Fortune.

The administration has drained 66 million barrels—as of June 5—and counting from the SPR since the war in Iran began, according to the U.S. Department of Energy. Trump has authorized the overall release of 172 million barrels over several months. 

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The global selloff continues but the pace of the damage has slowed

S&P 500 futures were down 0.9% this morning. The index sank 0.26% yesterday. 

In Europe, the Stoxx 600 was down 0.31% in early trading and the U.K.’s FTSE 100 was down 0.52% before lunch.

Asia: South Korea’s KOSPI was down 4.52%. Japan’s Nikkei 225 was down 1.89%. India’s Nifty 50 was flat. China’s CSI 300 was down 1.11%. 

Brent crude was $91 per barrel this morning.

A massive amount of new stock is about to hit the markets, thanks to the SpaceX, Anthropic, and OpenAI IPOs. It sets up a potential supply and demand issue: investors are being asked to pay for a gargantuan volume of new assets this year.  If you add in all the new debt coming to the market it brings “total issuance to around........

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