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US DOE Buys 3mn Barrels of Crude For SPR

OIL

The US Department of Energy awarded a tender to buy around 3mn barrels of US crude oil for its SPR according to a statement.

  • The DOE bought oil for delivery to a site in Big Spring in Texas for an average of $77.3/bbl.
  • The US awarded 2.994m bbl for a total of $231.5m to Energy Transfer’s subsidiary Sunoco Partners at 1.197m bbl, Phillips 66 at 898.1k bbl and Macquarie at 898.1k bbl.
  • The oil is for delivery from 1-31 March.
  • So far, the US has purchased around 14mn barrels for replenishment after last year's sales. Around 4mn barrels are also coming back to the SPR by February as oil companies return oil that had been loaned to them through a swap.

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