DOE has awarded two new contracts to deliver crude oil to the Strategic Petroleum Reserve beginning in May. Deliveries will continue until the inventory reaches 700 million barrels, expected to be in August 2005.
Today’s inventory? 699.5 million barrels with 1.3 million barrels scheduled for delivery. Somebody tell the markets – it’s full.
Strategic Petroleum Reserve Inventory for August 11, 2005
Sweet284.6 million bbls
Sour 414.9 million bbls
Total 699.5 million bbls
Royalty-in-Kind to be Delivered 1.3 million bbls