Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday.
) and Alon USA rented the space from the reserve, a series of underground salt caverns on the Texas and Louisiana coasts, an Energy Department official said in April.
The taking back of the oil from the SPR might slow commercial inventory drawdowns as companies prioritize selling the barrels, market sources said.
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