SPR depletion | Bud's Offshore Energy (BOE)

Posts Tagged ‘SPR depletion’

70 week SPR losing streak ends with a draw

Posted in energy policy, tagged Rapidan Energy, SPR depletion, Strategic Petroleum Reserve on January 25, 2023| Leave a Comment »

For the first time in 71 weeks the Strategic Petroleum Reserve has not declined. DOE reports that the SPR was unchanged during the week ending 1/20/2023. The reserve remains at 371.6 million bbls, about 51% of capacity.

Bob McNally, founder and president of the consulting firm Rapidan Energy Group, said any effect on pump prices has been modest.

“Pump prices are largely driven by global crude oil prices,” McNally said in an email. “SPR releases have at most temporary and small impacts on global crude oil prices. Therefore the SPR is a bad tool for trying to manage pump prices.”
Washington Post

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The Strategic Petroleum Reserve losing streak continues: 70 consecutive weekly losses

Posted in energy policy, tagged SPR depletion, Strategic Petroleum Reserve, streak on January 19, 2023| Leave a Comment »

This week’s loss was by a small margin, only 800,000 barrels (down to 371.58 million barrels total), suggesting that the record losing streak may end soon. EIA data

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Final Strategic Petroleum Reserve inventory for 2022

Posted in energy policy, tagged SPR depletion, Strategic Petroleum Reserve on January 3, 2023| Leave a Comment »

Reserve down to 372.4 million bbls as of 12/30/2022
222 million bbl decline (37.4%) in 2022
Lowest volume since 12/2/1983
Reserve is now depleted by nearly 1/2 (49%) from its capacity of 727 million bbls

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Was this our Christmas present?

Posted in energy policy, tagged Christmas present, SPR depletion, Strategic Petroleum Reserve on December 29, 2022| Leave a Comment »

More “free” oil was withdrawn from the SPR, which has sunk to the lowest level (375.1 million bbls) since Christmas 1983. More rational oil and gas leasing policies would have been a far better gift, particularly for our children and grandchildren.

The “pilot” refill program is scheduled to begin in February. We’ll see how that goes.

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On 12/16/2022, the SPR fell to 378.6 million bbls, the lowest volume since 1983. This is the same day DOE announced the pilot replacement program.

Posted in energy policy, tagged pilot refill program, SPR depletion, Strategic Petroleum Reserve on December 21, 2022| Leave a Comment »

In October, the President announced a plan to replenish the SPR using updated authorities that allow for fixed-price purchases of crude oil. Relative to conventional purchase contracts that expose producers to volatile crude prices, this new approach, when used at scale, can give producers the assurance to make investments today, knowing that the price they receive when they sell to the SPR will be locked in place. Today’s notice will pilot this new approach by starting with a purchase of up to 3 million barrels of crude oil.
DOE

Note that these pilot deliveries will not begin until Feb. 2023 and will total < 3 million barrels. The reserve is 349 million bbls below capacity, and 216 million bbls have been withdrawn this year.

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SPR decline continues; 382.271 million bbls in reserve as of 12/9/2022

Posted in energy policy, tagged SPR depletion, Strategic Petroleum Reserve on December 16, 2022| Leave a Comment »

down another 4.7 million bbs from the previous week (12/2/2022)
lowest reserve volume since 1/6/1984
212 million bbls withdrawn this year
EIA data

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Strategic Petroleum Reserve withdrawals continue

Posted in energy policy, tagged SPR depletion, Strategic Petroleum Reserve on December 9, 2022| Leave a Comment »

Down to 387 million bbls as of 12/2. Lowest SPR volume since 2/24/1984. 206 million bbls withdrawn in 2022. With WTI near $72/bbl, is this finally the end of the withdrawals?