Total inventories in the reserve have fallen to approximately 283 million barrels, the lowest volume seen since 1982. The DOE previously awarded 20 million to 25 million barrels to a group including Trafigura, Macquarie, and ExxonMobil, the latter of which took 15 million barrels. Market participants note that while exchange premiums reached 28% in May, current backwardation has dipped to about $10 per barrel through May 27, which may lower premiums for this latest tranche.
Wednesday, October 21, 2026
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US DOE Solicits 17M Barrel SPR Exchange at Lowest Level Since 1982
Commodities5 days ago
The US government is moving to finalize the remaining portion of an emergency oil release through a new series of exchange agreements. The Department of Energy is seeking the exchange of up to 17 million barrels of crude from the Strategic Petroleum Reserve to conclude a 172 million barrel drawdown authorized in March. Under these arrangements, oil majors and trading houses borrow the crude and must return it at a later date with a premium.
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