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OIL: US to Seek 6mbbl for SPR for Early 2025 Delivery

OIL
BulletEnergy BulletsCommodities

The US is seeking up to 6mbbls of crude for the SPR for delivery in the first few months of 2025, a Reuters source said, with prices below the target buyback price.

  • The solicitation, expected to be announced on Wednesday, is for delivery to the Bayou Choctaw site in Louisiana.
  • This would be the latest purchase as the US look to take advantage of relatively low crude prices below the target price of $79.99/bbl.
  • The administration has so far bought back more than 50mbbl, after selling 180mbbl in 2022 at an average of about $95/bbl.
  • The US DOE has been purchasing about 3mbbls of oil per month taking the strategic reserve volume up to 379.95mbbl after falling to a low of 347mbbl in July 2023.
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The US is seeking up to 6mbbls of crude for the SPR for delivery in the first few months of 2025, a Reuters source said, with prices below the target buyback price.

  • The solicitation, expected to be announced on Wednesday, is for delivery to the Bayou Choctaw site in Louisiana.
  • This would be the latest purchase as the US look to take advantage of relatively low crude prices below the target price of $79.99/bbl.
  • The administration has so far bought back more than 50mbbl, after selling 180mbbl in 2022 at an average of about $95/bbl.
  • The US DOE has been purchasing about 3mbbls of oil per month taking the strategic reserve volume up to 379.95mbbl after falling to a low of 347mbbl in July 2023.