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Article: SPR Announcement Sends Crude Price Down.(Strategic Petroleum Reserve release announcements)(Brief Article)

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The Oil Daily
Article date:
October 6, 2000
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SPR Announcement Sends Crude Price Down

Crude oil prices lost more ground Thursday in the wake of the Department of Energy's (DOE) announcement late Wednesday of the companies that won contracts for 30 million barrels of crude from the Strategic Petroleum Reserve (SPR).

While market analysts indicated last week that the effect of the additional barrels had already been factored in after the initial SPR plan was unveiled, November light, sweet crude was off nearly another dollar on the New York Mercantile Exchange (Nymex), though the price held above $30 in the end, settling at $30.53/barrel, down 90[cent] (see table,p3).

One analyst chalked up ...

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