The U.S. Department of Energy (DOE) has purchased in a tender 2.4 MMbbl of sour crude for supply into its Bryan Mound reserve site in Texas.
The entire volume was priced at $178.7 million, and awards were made to Energy Transfer (600 Mbbl) and Macquarie Commodities (1.8 MMbbl).
The supplies are for delivery during April-May 2025. To date, DOE has directly purchased 59 MMBbl of oil for the Strategic Petroleum Reserve (SPR) at an average price of under $76/bbl. This is about $20/bbl lower than the $95/bbl average sales price for 2022’s emergency sales which had raised a total of nearly $17 billion.This would be the final SPR purchase under the Biden-Harris Administration.