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US Aims for 6mbbls SPR Refill for Dec & Jan Delivery at 79$/bbl

OIL

The US DOE yesterday announced plans to buy crude to continue to refill the SPR at 79$/bbl or below out to at least May 2024.

  • The target price is an increase from its earlier preferred range of around $70$/bbl but still below the current futures market price of 89$/bbl.
  • They aim to buy 6mbbls for Dec & Jan delivery with bids for December due by 24 Oct and for January due by 1 November.
  • The US has already purchased 4.8mbbls at less than 73$/bbl but in August rejected offers for 6mbbls of Oct and Nov delivery amid an increase in crude prices.
  • Last year the US sold 180mbbls of oil from the reserve to help ease global oil prices and to tame inflation taking. Stores fell down from 656mbbls in 2020 to the lowest in 40 years at a low of 347mbbls this summer.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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