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US Completes Sale of 1m Bbl of Gasoline From Northeast: Reuters

OIL PRODUCTS

The US Department of Energy said July 2 that it has completed awarding contract for the sale of 1m bbl of gasoline from the US managed stockpile in northeastern states, Reuters said.

  • The DoE said that the barrels were sold at an average price of $2.34/gal to five companies.
  • BP received 0.5m bbl, Vitol bought 0.2m bbl and Freepoint Commodities, Iriving Oil, and George E Warren each purchased about 0.1m bbl.
  • The invitation for bids was announced in May following a mandate for the sale under the US funding legislation signed in March.
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