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