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Valero Anticipates Further SPR Releases

REFINING

US refiner Valero expects the Biden administration to keep releasing volumes from the US SPR through year end and will continue buying barrels from the release it said yesterday.

  • The Biden administration has not committed to selling more barrels above the 180mn bbl commitment announced in March but said the option remains on the table. The US has been forced to respond to the recent OPEC+ commitment to cut production by 2mn bpd, which it has publicly stated its disapproval off.
  • SPR releases were primarily sour in early releases but have moved towards sweeter grades in more recent releases. Valero have said they are interested in more sweet barrels from the SPR.
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