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OIL: US Buys 6mbbl for SPR and Evaluates Further Refill Options

OIL
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The U.S. has bought 6mbbls of crude for the Strategic Petroleum Reserve for delivery in Feb - May 2025 at an average price below target at $68.56/bbl, according to the Department of Energy.

  • The U.S. bought 3.5mbbl from Exxon, 2mbbl from Shell Trading, and 500kbbl from Macquarie Commodities.
  • The sour crude will be delivered at a rate of 1.5mbbl per month to the Bayou Choctaw site in Louisiana.
  • The US has so far bought back more than 56mbbl at an average price of about $76/bbl after selling 180mbbl in 2022 at an average of about $95/bbl.
  • The department continue to evaluate options for further refills with enough funding left for only a further 2mbbls at about $75/bbl, according to Reuters. Following these deliveries, the department will need to request more money from Congress or cancel upcoming congressionally-mandated sales to keep filling the SPR.
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The U.S. has bought 6mbbls of crude for the Strategic Petroleum Reserve for delivery in Feb - May 2025 at an average price below target at $68.56/bbl, according to the Department of Energy.

  • The U.S. bought 3.5mbbl from Exxon, 2mbbl from Shell Trading, and 500kbbl from Macquarie Commodities.
  • The sour crude will be delivered at a rate of 1.5mbbl per month to the Bayou Choctaw site in Louisiana.
  • The US has so far bought back more than 56mbbl at an average price of about $76/bbl after selling 180mbbl in 2022 at an average of about $95/bbl.
  • The department continue to evaluate options for further refills with enough funding left for only a further 2mbbls at about $75/bbl, according to Reuters. Following these deliveries, the department will need to request more money from Congress or cancel upcoming congressionally-mandated sales to keep filling the SPR.