• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 day Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 4 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 8 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 2 hours Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 8 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 2 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
Russia Reduces Natural Gas Exports To Europe

Russia Reduces Natural Gas Exports To Europe

There was a reduction in…

Is Tesla Oversold?

Is Tesla Oversold?

Tesla shares have contracted during…

U.S. Sells 10 Million Barrels Of Oil From Strategic Petroleum Reserve

The U.S. Department of Energy has awarded contracts for the sale of 10.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) as part of a recent Congressionally-directed SPR crude oil sale.

The Department of Energy’s Office of Fossil Energy issued in early February 2021 a notice of sale from the SPR to fulfill the requirements of a mandatory sale of 10.1 million barrels during the fiscal year 2021. The proceeds of the sale will be deposited in the U.S. Treasury by the end of the fiscal year, DOE said last month.

Last week, DOE awarded contracts Glencore Ltd, Marathon Petroleum Supply and Trading LLC, Motiva Enterprises LLC, Phillips 66 Company, Shell Trading (US) Company, Valero Marketing and Supply Company, and the Government of Australia in the price-competitive sale. During the period for submitting bids, a total of 10 companies had responded to DOE’s notice of sale, filing 60 bids for evaluation.

Out of the total 10.1 million barrels of crude oil, 4.1 million barrels will be sold from the Bryan Mound site near Freeport, Texas; 3.3 million barrels from the West Hackberry site near Hackberry, Louisiana; and 2.7 million barrels from the Big Hill site near Winnie, Texas.

The SPR will schedule deliveries to take place in April and May this year, with early deliveries available in March 2021.

The U.S. Strategic Petroleum Reserve was set up in the 1970s when the Arab oil embargo created a fuel crisis in the United States. As of February 26, 2021, the SPR held 637.8 million barrels of crude oil.

Last year in March, when oil prices collapsed at the start of the pandemic and the Saudi-Russia break-up of the OPEC+ pact, the United States was said to be preparing to buy 77 million barrels of crude oil for the SPR to replenish the SPR with low-priced oil while providing some much-needed support for the local oil industry.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News