Barrel swaps include buying 1.2 future barrels for every 1 sold, Andy Constan notes

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SPR swaps may boost reserve levels

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Anastasiia Chabaniuk

11.08.2026

Barrel swaps include buying 1.2 future barrels for every 1 sold, Andy Constan notes — SPR swaps may boost reserve levels

Andy Constan, founder / strategist at Damped Spring Macro, raises a question on recent U.S. Strategic Petroleum Reserve (SPR) operations. He points out that the administration sold one near-term barrel and committed to purchase 1.2 barrels for later delivery in 2026 through swaps. Constan suggests that these actions should eventually lead to an increase in the SPR as the future barrels are delivered.

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Constan has previously discussed how policymakers might seek higher nominal growth to manage debt burdens, noting that widening the spread between growth and debt cost could drive deficit reduction efforts (read more). In a separate commentary, he compared the behavior of finance newcomers to that of rookies in sports, observing meaningful differences in approach (details here). His recent observations on SPR operations come amid his broader focus on market structures and policy impacts.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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