The US has been slowly refilling the strategic petroleum reserve but will look to accelerate that with a purchase of 6 million barrels, according to a Reuters report.
The administration will announce the solicitation as soon as tomorrow, according to the report and it will be for delivery in early 2025.
In 2022, the US sold 180 million barrels over six months and achieved around $96 per barrel. It’s aiming to refill below $80 in what would be an impressive trade. So far it’s bought back about 50 million barrels.
WTI is trading at $71.33 today, up $1.24.