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US Administration Reiterates Plans to Refill SPR

OIL

Further comments from the US Department of Energy relating to the refilling of the strategic petroleum reserves (SPR) provided some support to the market late Tuesday. Much of the gains have held up Wednesday.

  • The US administration reiterated its interest in refilling the SPR later this year – once maintenance at storage sites is complete.
  • The prior price floor for refills was expected at the $67-72/bbl range, something that failed to trigger further purchases in recent months. The expectation of refills at this point is expected to act as somewhat of a price floor.
Energy BulletsCommodities
Energy BulletsCommodities

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