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OIL
The Biden administration has allowed a two-year extension for oil companies to return 15.3m bbl of crude that had been loaned from the SPR, Argus said.
- Oil companies and traders were initially scheduled to return up to 19m bbl of crude to the SPR over the following year.
- The US Department of Energy loaned out most of that crude in 2022 after the invasion of Ukraine and temporary Keystone pipeline shutdown.
- In the last two months, the DoE modified at least nine contracts, delaying the return of around 15.3m bbl until 2026.
- The DoE said it delayed the returns in support of a separate SPR programme, where it purchased over 27m bbl for the Big Hill storage site.
- Delaying the return will free up crude that would have been injected into the SPR in June-September, peak summer driving season and the run-up to the November presidential election.
Source: Argus
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.
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