On September 29, the U.S. Department of Energy issued a request for proposals to exchange up to 40 million barrels of crude from the Strategic Petroleum Reserve. Bids are due at 11 a.m. Central time on October 6. If you own oil producers, this is a possible channel for more crude to reach buyers. The volume that actually reaches them depends on bids, awards and delivery dates.
The distinction begins in March. The DOE's March 11 announcement said President Trump authorized DOE to release 172 million barrels from the reserve as the U.S. part of an international release. On June 10, the department already sought bids to exchange up to 40 million barrels from Big Hill and Bryan Mound. Today's request names those same sites. We are looking at another offer under the existing commitment, so adding Tuesday's tender to March's total would count the same planned barrels twice.
How much interest did June's offer attract? Reuters reported on September 29 that companies agreed to borrow only about 500,000 barrels. DOE says its earlier solicitations collectively awarded more than 133 million barrels across four completed exchanges. Those are awards across the program; the September 29 tender has yet to produce one. The loan needs bidders willing to take crude on DOE's exchange terms and return it later.
DOE's September 29 notice schedules November and December 2026 deliveries under exchanges already awarded. It gives no delivery window for barrels under the new request. Participating companies return borrowed crude with additional premium barrels, according to DOE. For oil producers, strong bids followed by awards and deliveries could bring more reserve crude to refiners and ease near-term supply pressure; a weak response like June's would leave little new supply from this tender. We would need the award volume and delivery dates before changing our oil supply case.
The crude offer also has a limit at the fuel pump. As we showed in The Crude Build Hides a Fuel Squeeze, the EIA's September 23 weekly report recorded a crude build alongside falling gasoline and distillate stocks. Reserve oil can supply a refinery with feedstock, but a refinery must process it before it becomes gasoline or diesel.
We will check the EIA's September 30 weekly report for refinery runs and fuel stocks, then look for any DOE awards and delivery schedule after the October 6 bid deadline. Until then, 40 million barrels is the ceiling on an offer to lend crude.
Seek the truth and be prepared,
Equedia News
Sources
- U.S. Department of Energy, Strategic Petroleum Reserve exchange request, September 29, 2026
- U.S. Department of Energy, 172 million barrel release announcement, March 11, 2026
- U.S. Department of Energy, 40 million barrel exchange request, June 10, 2026
- Reuters, US to loan up to 40 million barrels of oil from SPR, September 29, 2026
- U.S. Energy Information Administration, Weekly Petroleum Status Report, September 23, 2026
- U.S. Energy Information Administration, Weekly Petroleum Status Report release schedule
- The Equedia Letter, The Crude Build Hides a Fuel Squeeze
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