US independent refners Valero and Marathon Petroleum were the two highest bidders in a new government sale of 18.1mn bl of sour crude from the US Strategic Petroleum Reserve (SPR). The crude, which is set for delivery in February and March, is part of an SPR drawdown that President Joe Biden autho- rized late last year in hopes of reducing gasoline prices that reached a seven-year high of $3.41/USG for regular grade in November.
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