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The US Government Rejects Offers To Replenish SPR

OIL

The US Government is again delaying the replenishment of the nation’s strategic petroleum reserves amid an increase in crude prices, according to people familiar with the matter.

  • The Biden administration previously said it would by crude when it dropped around $67-72/bbl.
  • WTI SEP 23 up 0.8% at 82.06$/bbl
  • The US plans to purchase around 12mn barrels of oil for the reserves this year. The DOE previously purchased 3.2mn barrels of oil at around $71.98/bbl for September delivery and was said to buy 6mn barrels for October and November deliveries.
  • “The DOE remains committed to its replenishment strategy for the SPR, including direct purchases when we can secure a good deal for taxpayers; exchange returns; and cancellation of planned sales where drawdown is unnecessary, in coordination with Congress,” Energy Department Deputy Chief of Staff Bridget Bartol said.
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