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Initial US SPR Refill Bids Rejected

OIL

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.
Energy BulletsCommodities
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