U.S. Energy Department looks to buy more crude oil for the SPR

The U.S. Energy Department on Friday announced a “solicitation” for up to 3 million barrels of oil for delivery to the nation’s Strategic Petroleum Reserve in March 2024. That’s part of the government agency’s ongoing efforts to refill the emergency oil reserve after a historic drawdown of 180 million barrels announced by President Joe Biden in the spring of 2022. The latest move follows a Dec. 1 solicitation for up to 3 million barrels of oil for delivery to the reserve in February. The Energy Department said it has already purchased nearly 9 million barrels for the SPR at an average of about $75 a barrel — lower than the average of $95 that the SPR crude was sold for in 2022. It also said it has secured nearly 4 million barrels in “accelerated exchange returns.” In Friday dealings, January West Texas Intermediate crude
CLF24,
+2.96%
traded at $71.15 a barrel on the New York Mercantile Exchange, up $1.81, or 2.6%.