According to the US Department of Energy, the government has granted permission for eight energy companies to buy crude oil from the country’s emergency reserve.
The Strategic Petroleum Reserve (SPR) will sell a total of 20 million barrels of oil to be transferred from its sites in Texas and Louisiana between October 1 and December 15.
The bids were open on August 23 with a price at a one-week high above USD70.6/barrel for US WTI.
Eight companies: Atlantic Trading & Marketing Inc, an arm of French company Total, Chevron USA, ExxonMobil Oil Corp., Marathon Petroleum Supply and Trading, Motiva Enterprises, Phillips 66 Co., Unipec America Inc. and Valero Marketing and Supply Co. were selected from 15 applicants.
The sale is complying with legislation mandating the sale from the emergency oil reserve amid the supply concerns over storm damage from Hurricane Ida.
