# Fuel stocks and strategic reserves: What to track

Drained reserves, low gas stores and refill bills ahead

Source page: https://www.materialinsights.org/energy/e_fuel_stocks/tracking/

What this tab covers The attributes worth tracking regularly, with the latest value, the direction of travel and why each matters.

In 2026 fill levels and release policy matter more than any cost metric: oil reserves were drawn hard and European gas storage entered winter unusually low.

| Category | Attribute | Latest | Trend | Why it matters |
|---|---|---|---|---|
| Security | **US SPR fill level** | 282.2 million barrels on 16 Oct 2026 (411 million at end 2025); lowest since 1982^[4](https://www.energy.gov/ceser/strategic-petroleum-reserve-9)^[5](https://boereport.com/2026/10/05/oil-stocks-in-us-strategic-petroleum-reserve-fall-to-lowest-level-since-1982-4/) | ↘ worsening | Shows how much cushion remains for a further shock and how much must be bought back. |
| Policy | **IEA coordinated release policy** | Collective action of 11 Mar 2026: 400 million barrels made available (411.9 million in country commitments, calculated; 72% crude); US share includes a 172 million barrel SPR release^[1](https://www.iea.org/news/update-on-iea-collective-action-decision-of-11-march-2026)^[10](https://www.gao.gov/products/gao-26-106918) | ↕ volatile | Largest release in IEA history; future refill obligations and any further releases will move prices. |
| Security | **EU gas storage fill level** | About 75% (74.93%) on 26 Oct 2026, versus 82.9% a year earlier; GIE AGSI data as calculated by TASS, not independently checked^[7](https://tass.com/economy/2209235/amp) | ↘ worsening | Low entry into winter raises price and shortage risk across Europe and in LNG markets India buys from. |
| Policy | **EU gas storage filling rule** | 90% target reachable any time 1 Oct-1 Dec, up to 10 points deviation in difficult markets; rule extended to 31 Dec 2027. Denmark used the flexibility for a 75% target in 2026^[6](https://www.europarl.europa.eu/news/es/press-room/20250623IPR29114/)^[8](https://ens.dk/en/supply-and-consumption/filling-gas-storage-winter-2026-2027) | → stable | Looser rules reduce forced summer buying but leave less buffer. |
| Security | **India strategic reserve cover** | About 9.5 days of net imports in SPRs (about 74 days with company stocks, June 2026); phase 2 of 6.5 Mt planned (Chandikhol 4 Mt, Padur 2.5 Mt) plus 1.75 Mt at Mangalore^[9](https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/062226-india-taps-ongc-to-accelerate-spr-expansion-amid-global-oil-supply-disruption) | ↗ improving | Key exposure for Indian portfolio companies and fuel prices. |
| Market | **Global oil inventory draw** | About 3.8 million barrels/day average since the conflict began, from 8.2 billion barrels pre-crisis^[2](https://www.iea.org/commentaries/how-global-oil-supplies-have-readjusted-to-help-fill-the-huge-gap-left-by-the-strait-of-hormuz-shock) | ↘ worsening | Commercial and strategic stocks together determine how long markets can absorb the disruption. |
| Compliance | **Asset condition and major-hazard compliance** | US: GAO (2026) reports a growing SPR maintenance backlog that may restrict fill and drawdown; EU: Seveso III applies from 2,500 t of petroleum products^[10](https://www.gao.gov/products/gao-26-106918)^[13](https://www.legislation.gov.uk/cy/eudr/2012/18/annexes/2012-07-04) | ↘ worsening | Stocks are only useful if they can be delivered at the rated drawdown. |
| Impact | **Lifecycle carbon payback period** | Not applicable: stores of fossil fuel do not repay their carbon^[3](https://www.iea.org/reports/sheltering-from-oil-shocks/summary) | → stable | Track instead oil demand reduction measures that lower the needed stock size. |

#### Sources

1. [Update on IEA collective action decision of 11 March 2026](https://www.iea.org/news/update-on-iea-collective-action-decision-of-11-march-2026) International Energy Agency, 2026
2. [How global oil supplies have readjusted to help fill the huge gap left by the Strait of Hormuz shock](https://www.iea.org/commentaries/how-global-oil-supplies-have-readjusted-to-help-fill-the-huge-gap-left-by-the-strait-of-hormuz-shock) International Energy Agency, 2026
3. [Sheltering From Oil Shocks: Summary](https://www.iea.org/reports/sheltering-from-oil-shocks/summary) International Energy Agency, 2026
4. [SPR Quick Facts](https://www.energy.gov/ceser/strategic-petroleum-reserve-9) US Department of Energy, 2026
5. [Oil stocks in US Strategic Petroleum Reserve fall to lowest level since 1982 (Reuters)](https://boereport.com/2026/10/05/oil-stocks-in-us-strategic-petroleum-reserve-fall-to-lowest-level-since-1982-4/) BOE Report, 2026
6. [Gas storage: deal with Council on refill flexibility to bring down prices](https://www.europarl.europa.eu/news/es/press-room/20250623IPR29114/) European Parliament, 2025
7. [Europe struggles to top up gas storage at four-year high prices ahead of winter (TASS calculations from GIE AGSI data)](https://tass.com/economy/2209235/amp) TASS, 2026
8. [Filling of gas storage for the winter of 2026-2027](https://ens.dk/en/supply-and-consumption/filling-gas-storage-winter-2026-2027) Danish Energy Agency, 2026
9. [India taps ONGC to accelerate SPR expansion amid global oil supply disruption](https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/062226-india-taps-ongc-to-accelerate-spr-expansion-amid-global-oil-supply-disruption) S&P Global Commodity Insights, 2026
10. [Energy Security: Congress and DOE need a unified plan to align priorities and investments for the Strategic Petroleum Reserve (GAO-26-106918)](https://www.gao.gov/products/gao-26-106918) US Government Accountability Office, 2026
11. [Directive 2012/18/EU (Seveso III), Annex I](https://www.legislation.gov.uk/cy/eudr/2012/18/annexes/2012-07-04) legislation.gov.uk (EU directive text as adopted), 2012

## Other sections

- [Summary](https://www.materialinsights.org/energy/e_fuel_stocks/index.md)
- [Overview](https://www.materialinsights.org/energy/e_fuel_stocks/overview/index.md)
- [Correlation](https://www.materialinsights.org/energy/e_fuel_stocks/correlation/index.md)
- [Science and technology](https://www.materialinsights.org/energy/e_fuel_stocks/sg-sci/index.md)
- [Engineering and performance](https://www.materialinsights.org/energy/e_fuel_stocks/sg-eng/index.md)
- [Economics](https://www.materialinsights.org/energy/e_fuel_stocks/sg-econ/index.md)
- [Impact and additionality](https://www.materialinsights.org/energy/e_fuel_stocks/sg-impact/index.md)
- [Relationships](https://www.materialinsights.org/energy/e_fuel_stocks/links/index.md)