Stephanie Kelly and Arathy Smasekhar

HOUSTON (Reuters). Several vessels carrying U.S. Emergency Stockpiles sailed towards Europe in April while refiners scrambled for Russian oil supplies. This was according to U.S. customs data, ship tracking and an industry source.

The Strategic Petroleum Reserve (SPR), which released releases since Russia’s invasion in Ukraine, was created to stem the fuel price rises and counter shortages. Last fall’s release was targeted primarily at lowering U.S. gasoline costs.

Last month, the Biden administration added 180 million barrels and two smaller releases from caverns on America’s Gulf Coast. SPR oil can still be exported to the United States. Some analysts think that this will continue.

U.S. diesel and retail gasoline prices are still at or near record highs, with averages of $5.40 nationally and $4.40 in the U.S. According to analysts projections, fuel demand in the United States is strong enough that average quarterly earnings for refiners will exceed first-quarter profits by four.

U.S. oil refiner Phillips 66 loaded 600,000 barrels from Texas’ Bryan Mound cave into the tanker Sea Holly last month. According to U.S. customs data, and Refinitiv Eikon, it is currently on the way to Trieste in Italy. Trieste hosts a pipeline which transports oil to Central European refineries.

Atlantic Trading & Marketing (ATMI), an arm of French oil major TotalEnergies, sent a little over 1 million barrels of SPR crude to Rotterdam last month.

According to Matt Smith (lead oil analyst for Americas, data provider Kpler), approximately 2.25 million barrels of SPR were shipped to Italy and the Netherlands on three vessels in April.

Based on disclosures by government agencies, ATMI is estimated to have secured at minimum 3.5 Million barrels from SPR. Phillips however, has at least 10,000,000 barrels. SPR oil is also taken by other companies, such as Exxon Mobil (NYSE:), Chevron (NYSE:), Marathon Petroleum, (NYSE:) Valero Energy (NYSE:).

Phillips 66 refused to comment on trading activity. ATMI has not yet responded to our request.

Kpler’s Smith indicated that they expect to see some exported SPR in the coming months as a result of continued SPR release.