The U.S. Department of Energy said it awarded supply contracts to five companies to deliver 3.1 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel.
"These 3 million barrels are being purchased for an average price of about $73 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers," the DOE said in a press release.
Companies winning the awards were: Atlantic Trading and Marketing (1 million barrels), Exxon Mobil (900,000 barrels), Gunvor USA (600,000 barrels), Macquarie Commodities Trading (300,000 barrels) and Sunoco Partners Marketing & Terminals (300,000 barrels).
The administration had previously said it would start to buy oil back into the reserve when prices were at or below $72 per barrel. Benchmark U.S. crude futures traded around $70 a barrel on Friday. The barrels will be delivered to the Big Hill SPR site in Texas, the DOE said. headtopics.com
The department also said it launched a new solicitation for another 3 million barrels for delivery to the stockpile's Big Hill site in September.
