DOE offers 11 mln barrels of SPR crude as part of previously planned sales [MarketWatch]
CME Group Inc. - Class A (CME)
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Source: MarketWatch
DOE offers 11 mln barrels of SPR crude as part of previously planned sales The U.S. Energy Department's Office of Fossil Energy on Monday announced a notice of sale of 11 million barrels of sour crude oil from the Strategic Petroleum Reserve. The move is part of previously announced sales that are expected to draw down reserves by a total of 25 million barrels over three consecutive years, beginning this year. Bids for the 11 million barrels of crude must be received not later than Aug. 28, with delivery to take place in October and November, the government agency said. Sept. West Texas Intermediate crude CLU8, +0.82% briefly pared earlier gains as the market digested the news, then continued higher, tacking on 46 cents, or 0.7%, to $66.37 a barrel in afternoon dealings on the New York Mercantile Exchange . Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
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