Daily Energy Report

Biden cancels SPR refill, US crude inventories, Oil moves toward $90, LNG in developing nations, EU’s Russian gas, Adnoc oil pipeline, India wants SMRs, LNG futures high, and more.

Chart of the Day: US Cancels Latest Oil Reserve Refill Plan Amid High Prices

Summary

The Biden Administration decided not to award oil supply contracts for the Strategic Petroleum Reserve (SPR) in August and September. It blamed high oil prices. 

Figure (1) above shows historical trends in the SPR. It shows the massive drawdown in 2022 and the minuscule amount that the Biden Administration refilled.

EOA’s Main Takeaway

All the stories about refilling the SPR are deceptive.