The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost an average of over $81 per barrel, exceeding the $79 ceiling set by the federal government. Per an Argus report, the DoE declined to comment on why it had bought the oil despite the higher price hinting at more news to come later today.
The SPR is currently close to a 40-year low as a result of the massive release. The replenishing effort has been going on slowly, with three million barrels bought there and another three bought here as the very news of a planned purchase led to an uptick in prices. This forced the department to update the price range, at which it would be buying, raising the top end from $72 per barrel last year to $79 per barrel.
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