The U.S. Energy Department on Monday announced that it plans to sell up to 8 million barrels of crude oil from the Strategic Petroleum Reserve. The oil will come from three of the SPR storage sites, with up to 3 million coming from the Bryan Mound site near Freeport, Texas. Bids must be received no later than 2 p.m. Central time on Jan. 17, and contracts will be awarded to by the end of January, the Energy Department said. Prices for West Texas Intermediate crude (NYM:CLG27) were already trading sharply lower when the announcement was made. February WTI crude traded at $52.64 a barrel, down $1.35, or 2.5%.
Jan. 9, 2017, 10:54 a.m. EST