19 December 2022 | Macroeconomics | Regulation

The United States begins to replenish the oil reserve

The US Energy Department said that it is starting to buy oil for the Strategic Petroleum Reserve (SPR) after selling 180 million barrels earlier this year. The purchase will be around 3 million barrels and delivery is likely to take place in February

SPR fell to 380 million barrels, the lowest level since 1984. This raised concerns about the country's energy security.

The White House has previously said that it will buy black gold for the SPR when prices go down to $67-$72 a barrel or lower. At the moment, WTI futures are trading at around $75.

According to the official, the White House will try to be flexible in that regard and look into current fuel prices for possible purchases. He also added that it was very useful to put this notice out and see what the market has to offer in terms of the cost of oil.

The Energy Department said buying oil at current prices provides an opportunity to secure a lucrative deal for US taxpayers. This will be done by buying fuel below the average price of $96 per barrel, as well as by strengthening energy security.



Company MarketCheese
Brent sell
Bears do not allow oil prices to consolidate above level 90
Today at 10:03 AM 11
AntonVolkov
AntonVolkov

Listed among the best MarketCheese authors
1st in the segment "Crypto"
Oversold positions on AUDCAD may create conditions for price growth to 0.8920
Today at 08:46 AM 14
USDJPY buyers are getting ready to attack 155 level
Yesterday at 11:40 AM 58
AntonVolkov
AntonVolkov

Listed among the best MarketCheese authors
1st in the segment "Crypto"
Gas prices grow in narrow range amid geopolitical tensions
Yesterday at 09:25 AM 87
After pause USDCAD will try to renew annual highs
17 April 2024 62
AntonVolkov
AntonVolkov

Listed among the best MarketCheese authors
1st in the segment "Crypto"
EURUSD on its way to corrective growth with potential to reach 1.0740
17 April 2024 57
Go to forecasts