ICYMI – US on the oil bid buying 3.5 million barrels for the Strategic Petroleum Reserve

August 6, 2024
-FCHFX

August 06, 2024 at 11:05PM
The US Department of Energy plans to buy 3.5 million barrels of crude for the Strategic Petroleum Reserve

seeks up to 1.5 million barrels of sour crude for delivery in January 2025

a second solicitation will be issued on August 12 for the purchase of about 2 million barrels, also for January 2025 delivery

announcement comes a week after the DOE finalized a purchase of 4.65 million barrels of sour crude that marked the completion of the administration’s promise to return the 180 million barrels released from the emergency crude stockpile in 2022

“DOE continues to aim for $79/b or less, significantly lower than the average of about $95/b DOE received for 2022 emergency SPR sales”

Link for more:

U.S. Department of Energy

Sell @ $95, buy back for $79 sounds like a decent enough trade.

This article was written by Eamonn Sheridan at www.forexlive.com.

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