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OIL: US Sets Price Celling for SPR Purchases at $79.99/bbl

OIL

The U.S. has raised the price it is willing to pay to refill the strategic petroleum reserves to as much as $79.99/bbl

  • This is the first time an explicit price ceiling has been set compared to a previous indication of no more than $79/bbl and close to market prices.
  • Changes to the price allow for potential bidders to better hedge positions. The price is established on the day sellers are notified of the sale results rather than the previous mechanism based on the three trading days from the notice period.
  • The US Energy Department cancelled plans to refill 3mbbl in August and September due to higher prices but has this week solicited for 3mbbls for October delivery.
  • Earlier this week US energy adviser Amos Hochstein said the U.S. is monitoring markets and has sufficient oil in the SPR to address any supply concerns. The SPR has built back to 366mbbls from a low of 347mbbls in July last year. 
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