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US Award 3.1mbbl of Crude Supply into SPR, Another 3mbbl Planned for Sept

OIL

Supply contracts from the US Strategic Petroleum Reserve have been awarded to five companies to deliver 3.1mbbls of crude oil in August to the Big Hill SPR site in Texas at an average price of 73$/bbl according to DOE on Friday.

  • The contracts were awards to Atlantic Trading and Marketing (1mbbl), Exxon Mobil (900kbbl), Gunvor USA (600kbbl), Macquarie Commodities Trading (300kbbl) and Sunoco Partners Marketing & Terminals (300kbbl).
  • In mid May the DOE announced the plans to purchase 3mbbls of crude oil to fill its depleted SPR from the current level of just below 354mbbls after significant withdrawals since Russia's invasion of Ukraine last year.
  • "These 3 million barrels are being purchased for an average price of about $73 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers," the DOE said in a press release.
  • The DOE is looking to purchase another 3mbbls for delivery in September to be awarded by the end of June.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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