Free Trial

US Buys 3mbbl of Crude for SPR for November Delivery

OIL

The US DOE yesterday announced contracts for the purchase of 3mbbl of crude oil for the Strategic Petroleum Reserve for November delivery.

  • The DOE will buy the crude from Macquarie Commodities Trading US LLC, Atlantic Trading & Marketing Inc and BP Products North America Inc delivered to the Big Hill SPR storage site.
  • The average price of $77.69/bbl was below the target of target at $79.99/bbl and well below the average of $95/bbl at which SPR crude was sold in 2022.
  • DOE has now purchased 38.60mbbls of oil for the SPR for an average price of $77.24 as well as accelerated nearly 4mbbls of exchange returns.
  • The US will continue to evaluate options to refill the SPR while securing a good deal for taxpayers.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.