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Biden Administration Mulling SPR Refill at $80/bbl

OIL

The Biden Administration would consider refilling the Strategic Petroleum Reserve at $80 per barrel according to Bloomberg sources.

  • The sources added the administration is working on the timing of those potential purchases.
  • WTI prices tumbled as low as $81/bbl last week – the lowest since January, bringing the potential buying point within range.
  • The current SPR release program ends in October. It was designed to add around 1mn bpd of oil supply to the global markets to ease tightness concerns after the Russian invasion of Ukraine. A significant proportion of the release has found its way towards European refiners.
Energy BulletsCommodities
Energy BulletsCommodities

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