U.S. Wants to Release More Oil from Strategic Reserve

Dow Jones01:45

The Trump administration isn't done releasing oil from the Strategic Petroleum Reserve.

The Energy Department is looking to loan up to 40 million barrels of crude oil from the SPR as part of its 172-million-barrel release to tamp down the impact of the Iran war on oil markets, it said Tuesday.

If the DOE hands over the 40 million barrels, it would fulfill its original commitment to release oil as part of a collective action with other International Energy Agency members.

Oil futures have seen a steepening "backwardation," meaning that near-term oil prices exceed longer-term prices-a sign that the market expects supplies to remain tight. Companies therefore have an incentive to borrow barrels from the government, because they could sell or refine them today at a high price, and replace them later with cheaper barrels plus an in-kind interest, said Kevin Book, an analyst at energy-research firm ClearView Energy Partners.

ClearView estimates that the oil levels in the salt caverns that make up the SPR can go all the way down to about 70 million barrels. The levels would stand at around 242 million barrels if DOE fully executes its proposed release.

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