DOE’s 40 million-barrel oil offer draws limited buyer interest

  • Department of Energy offered companies up to 40 million barrels from the Strategic Petroleum Reserve exchange.
  • 40 million barrels are scheduled for delivery in November and December 2026.
  • Patrick De Haan said a June request attracted about 500,000 barrels of purchases.

The U.S. Department of Energy offered companies up to 40 million barrels of oil as part of the 172-million-barrel Strategic Petroleum Reserve (SPR) exchange announced by President Donald Trump in March this year. GasBuddy analyst Patrick De Haan said the proposal was attracting limited interest, citing global refining capacity (the ability to process crude into fuel) as the bigger constraint. The DOE said awarded exchanges are scheduled for delivery in November and December 2026, with participating companies returning the borrowed oil plus additional premium barrels. The International Energy Agency (IEA), a global energy watchdog, has separately committed 400 million barrels. The EIA said the SPR held more than 284 million barrels as of September 18. WTI futures slipped to $89.30, Brent fell 0.34% to $95.83, while oil-linked ETFs posted modest overnight gains. U.S. average gasoline prices fell to $4.4558 a gallon and diesel prices to $6.4391 a gallon on Tuesday.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.