Technical Analysis

US will buy back 3 million barrels of oil for SPR in February

This is a small amount of oil but it could be a big signal. The US is buying back 3 million barrels to refill the SPR for February. The US will also offer 2 million barrels to meet refinery needs due to the Keystone XL shutdown.

The report is from Reuters, citing a senior energy dept official.

This year they’ve released 180 million barrels.

Update: Here’s the full announcement. WTI crude is still down $1.688 to $74.42 today.

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