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US Plans to Refill SPR to Pre-Ukraine War Levels

OIL

The US plans to refill strategic oil reserves back to pre-Ukraine war levels according to US Energy Secretary Granholm without giving any timeline.

  • The SPR has fallen to a 40 year low of 371mbbls compared to over 600mbbls in 2021.
  • Last week the US started the withdrawal of the 26m congress mandated SPR sales planned for FY 2023 before the send of September this year.
  • Crude has extended earlier gains seen following the latest US CPI data.
  • Brent JUN 23 up 1.3% at 86.75$/bbl
  • WTI MAY 23 up 1.3% at 82.58$/bbl

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