US COMPLETES FINAL SPR OIL RELEASE

The US Department of Energy announced on October 29 that it has completed its 172 million barrel release from the Strategic Petroleum Reserve, awarding the final tranche of crude to energy companies. In return, those companies committed to sending back more than 216 million barrels starting next year, including 44 million barrels as a premium for borrowing the oil now. The exchange draws down the SPR's Big Hill and Bryan Mound sites in Texas, leaving the reserve near its lowest levels in decades just as crude ($USO) awaits a wave of oil flowing back in 2027.