Free Trial

US to Release Final 15mbbls from SPR and Refill below 67-72$/bbl

OIL

US has announced plans to take additional action to strengthen energy security, address the supply crunch, and lower costs.

  • DOE will sell 15mbbls from the SPR to be delivered in December to complete the planned 180mbbl SPR release. President Biden has called on the DOE to be ready for additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets.
  • US plans to repurchase crude oil for the SPR when prices are at or below about $67-$72/bbl. DOE will buy fixed price contracts through a competitive bid process for future delivery in 2024 or 2025.
  • Biden is also calling on companies to pass through lower energy costs to consumers right away.

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.