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US Adds 2.4m bbl to SPR in July: OPIS

OIL

The US added 2.4m bbl of sour crude to the SPR during the first four week of July, according to OPIS.

  • The US also awarded an additional 4.5m bbl for later this year, according to the DoE.
  • There are now 375.1m bbl in the reserve, according to DoE data, 231.7m bbl of sour crude and 143.4m bbl of sweet crude.
  • July market the seventh-straight month that the Biden administration has increased stockpiles in the reserve.
  • Inventories are now at their highest since December 2022 but remain 42.1% below Jan. 2021 levels.
  • On Friday, the DoE announced that it had awarded contracts for the purchase of 4.5m bbl of sour crude to be delivered to the Bayou Choctaw storage site in Louisiana in Oct, Nov, and Dec. The contracts averaged $76.92/b.
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