US Reopens 40M-Barrel SPR Exchange as Reserves Hit Lowest Since 1982
🛢️ The US Department of Energy has reopened an exchange for up to 40 million barrels of crude from the Strategic Petroleum Reserve, with deliveries scheduled for November–December. Companies receiving the oil must return the borrowed volume plus a premium, meaning this is not an outright sale.
📉 The release is part of the final portion of the US commitment to provide 172.2 million barrels under the coordinated IEA action. It also revives a June offer for 40 million barrels that attracted demand for only about 0.5 million.
⛽ SPR inventories are now below 284 million barrels, the lowest since 1982. A strong uptake could add some medium-sour crude supply to the US market, but the volume alone is unlikely to reverse the broader global oil balance.
📌 The key next signal will be how much crude companies actually take after the October 6 bidding deadline, rather than the headline maximum of 40 million barrels.
#OilMarket $CL
🛢️ The US Department of Energy has reopened an exchange for up to 40 million barrels of crude from the Strategic Petroleum Reserve, with deliveries scheduled for November–December. Companies receiving the oil must return the borrowed volume plus a premium, meaning this is not an outright sale.
📉 The release is part of the final portion of the US commitment to provide 172.2 million barrels under the coordinated IEA action. It also revives a June offer for 40 million barrels that attracted demand for only about 0.5 million.
⛽ SPR inventories are now below 284 million barrels, the lowest since 1982. A strong uptake could add some medium-sour crude supply to the US market, but the volume alone is unlikely to reverse the broader global oil balance.
📌 The key next signal will be how much crude companies actually take after the October 6 bidding deadline, rather than the headline maximum of 40 million barrels.
#OilMarket $CL
