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Crude Falls on Lack of SPR Refill Commitment

OIL

Crude has slipped after Jennifer Granholm, US Energy Secretary said that SPR refills will take years and that it will be difficult to refill in the $70/bbl range this year.

  • US officials had previously said they would start refilling the SPR when WTI was around the $70/bbl range which has helped to act as a price floor but now crude has reached that range there has been a reluctance to commit to purchases.
  • Brent MAY 23 up 0.1% at 76.76$/bbl
  • WTI MAY 23 down 0% at 70.88$/bbl

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