Likely part of planned sales
If the US drains the SPR, that would be a big negative for oil.
In the December lame duck session, Congress authorized the sale of $375 million of crude from the SPR so it’s probably that. There are 695 million barrels in the SPR.
US refiner Phillips 66 says it was awarded oil from the US strategic petroleum reserve
ByAdam Button
Jan 23, 2017