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Oil sale offer timing could leave Bitcoin reacting to inflation data

The DOE auction for up to 40 million barrels takes bids until Oct. 6 Central, while the August PCE report is set for Sept. 30, before any newly offered crude can be delivered.

Reported · Written up by our desk · Market Structure

CryptoSlate reports the US Department of Energy has opened an exchange to offer up to 40 million barrels of crude from the Strategic Petroleum Reserve. The Sept. 29 solicitation does not award any barrels under this specific offer yet, with proposals due Oct. 6 at 11 a.m. Central and deliveries scheduled for November and December.

The timing matters because the next inflation reading investors are watching arrives before the newly offered oil can reach buyers. The Bureau of Economic Analysis scheduled its August personal income and outlays report for Sept. 30 at 8:30 a.m. Eastern, which includes the personal consumption expenditures, or PCE, price index.

CryptoSlate also notes that the 172 million barrels referenced in the government plan describes the existing release commitment rather than another 172 million barrels announced separately this week. It adds that the 40 million barrel ceiling is the volume offered in the latest round, not oil already moving into the market.

Latest closeWTI crude $93.42 ▲1.1%|Bitcoin $84,327.53 ▲0.8%

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