Free Trial

Initial US SPR Refill Bids Rejected


The US Department of Energy has turned down the first bids from oil companies to resupply small volumes of oil back into the nations SPR in February.

  • The DOE said in December they would purchase up to 3mn bbls for delivery to the SPR in February – a small portion of the 180mn bbls sold last year to try and ease international supply concerns.
  • “DOE will only select bids that meet the required crude specifications and that are at a price that is a good deal for taxpayers,” a DOE spokesperson said on the latest bids that were rejected. They did not reveal what oil companies offered in the bids.
  • US officials had previously said they were looking to purchase oil in the low $70’s.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.