US Authorizes Emergency Release of Up to 400,000 Barrels From Strategic Petroleum Reserve

The U.S. Department of Energy authorized an emergency loan exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to assist Phillips 66's Lake Charles refinery following delivery disruptions. The barrels will come immediately from the West Hackberry site, covering roughly a day and a half of the facility's 264,000 barrel-per-day capacity. The action follows an October 10 authorization of up to 4 million barrels for ExxonMobil and BP. U.S. strategic crude inventories now stand at 282.7 million barrels, the lowest level since 1982.