The US Department of Energy (DOE) announced late Thursday, it is considering plans to sell crude oil from the Strategic Petroleum Reserve (SPR) of about 20 million barrels over a multi-month period during Fiscal Year (FY) 2021.
Additional details
The Department expects to begin deliveries in May 2021, but if market conditions warrant, deliveries could begin as early as April 2021.
The precise timing and amount of the sale(s) are yet to be decided.
Market reaction
WTI is unperturbed by the above piece of news, having erased gains to now trade at $53.57, almost unchanged on the day.
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