The US Strategic Petroleum Reserve (SPR) reported earlier this week that it had seen its levels rise by 1.3 million bbl as of 20 September, now standing at 382 million bbl, a substantial rise from the low levels seen in the summer. In July, the US DOE reported it was seeking up to 4.5 million bbl of oil for the SPR from October through December.
Additionally, the department was arranging the return of nearly 4 million bbl of exchanged oil as part of its plan to replenish the SPR, aimed at helping “bring down prices for American consumers and businesses”. The department offered to purchase oil to restock the SPR in July, with US Energy Secretary Jennifer Granholm saying in June that the department could quickly replenish the SPR this year.
In mid-August, the API reported that US crude storage levels had remained relatively stable. The body reported that crude levels rose by 347 000 bbl for the week ending 16 August, as part of a survey of oil storage facilities and companies. However, in the previous week, the organisation reported a fall in stocks of 5.2 million bbl.
