March 29, 2018 / 4:15 PM / a year ago

U.S. Dept. Of Energy sells 5.2 mln barrels of oil from SPR

NEW YORK, March 29 (Reuters) - The U.S. Department of Energy sold about 5.2 million barrels of oil from the Strategic Petroleum Reserve (SPR) to five companies including top refiners Valero Energy Corp and Phillips 66, according to a notice on Wednesday:

* Phillips 66 was sold the most amount of oil - about 2.3 million barrels - and Valero Marketing and Supply Co was sold 900,000 barrels.

* Other winners include commodities trader Trafigura AG, which was sold 1 million barrels, refiners Motiva Enterprises and Marathon Petroleum Corp which were sold 600,000 barrels and 400,000 barrels respectively.

* The oil was sold at an average price of about $63 a barrel.

* The Department of Energy said earlier in March it will sell 7 million barrels of sweet crude oil from the country's petroleum reserve as it complies with a 2015 law to help fund the federal government.

* As domestic oil output has grown with the fracking revolution, lawmakers have increasingly seen sales from the reserve as a way to help fund the government. (Reporting by Devika Krishna Kumar in New York Editing by Chizu Nomiyama)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below