Free Trial
STIR

SFRZ3 94.500 Puts Trade

BONDS

NZGBS: Off Session Cheaps

EQUITIES

Ending January On A Weaker Note

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

US Considers Cancelling Next SPR Sale

OIL

The US is reviewing cancelling the next planned sale of SPR crude this year, as the government switches to focus on refilling the reserve according to Energyintel sources.

  • The planned releases of 26mn barrels, scheduled to take place by September of this year, are under review, sources said.
  • Congress already cancelled 140mn barrels of required sales last year for the four fiscal years starting in Oct 2023 at the administration's request.
  • US Energy Secretary Jennifer Granholm outlined a strategy for the SPR on Monday that includes significant repurchases over the next two years.
  • "These repurchases will continue to be informed by consistent evaluation of the energy market and geopolitical unrest that has disrupted energy flows globally," said a Department of Energy spokesperson.
122 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

The US is reviewing cancelling the next planned sale of SPR crude this year, as the government switches to focus on refilling the reserve according to Energyintel sources.

  • The planned releases of 26mn barrels, scheduled to take place by September of this year, are under review, sources said.
  • Congress already cancelled 140mn barrels of required sales last year for the four fiscal years starting in Oct 2023 at the administration's request.
  • US Energy Secretary Jennifer Granholm outlined a strategy for the SPR on Monday that includes significant repurchases over the next two years.
  • "These repurchases will continue to be informed by consistent evaluation of the energy market and geopolitical unrest that has disrupted energy flows globally," said a Department of Energy spokesperson.