Free Trial

US SPR Starts Refill From 40 Year Low

OIL

Crude inventories in the US Strategic Petroleum Reserve rose as the US has started refilling stocks from their 40-year low, according to data from the Department of Energy.

  • Total inventories are up to 347.8m bbl on Aug. 4 from the low of 346.8m bbl the previous week.
  • Sour oil stocks rose by 1m bbl to 204.2m bbl and sweet oil remained unchanged at 143.5m bbl.
  • DOE is scheduled to receive 3.1m bbl of oil in August acquired from TotalEnergies’ ATMI, Exxon, Gunvor, Macquarie, Energy Transfer in a tender.
  • The US plans to purchase around 12mn barrels of oil for the reserves this year with another 3.2mbbls set for delivery in September. The US last week rejected offers for Oct and Nov delivery amid an increase in crude prices but remains committed to its replenishment strategy for the SPR.

To read the full story

Close

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.