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Turk Says Backwardated Market to Help in SPR Exchange Repayments

Nov. 23, 2021, 8:56 PM

Energy Department’s announcement for exchange in SPR crude is meant to help address “a backwardated market where we’re expecting prices to moderate and decrease into 2022 and beyond,” Deputy Energy Secretary David Turk says in Bloomberg TV interview.

  • 32m bbl exchange program would be repaid “a year from now, two years from now, three years from now when prices will be lower”
  • Accelerated congressionally mandated sale of 18 million barrels will be timed “appropriately over these coming months for maximum impact”
  • Goal is to have a better balance going forward on the supply and demand side
  • High prices right now ...

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