Demand Destruction Could Help America Refill Its Oil Inventories

Demand Destruction Could Help America Refill Its Oil Inventories

US petroleum inventories are still sitting at multi-year lows for this time of the year despite record releases from the Strategic Petroleum Reserve (SPR), reports of weakening gasoline demand over the past weeks because of high prices, and a slowing economy. Commercial crude and product stockpiles have failed to rebuild over the last few months, … Read more

White House Issues Notice Of Sale For 20 Million Barrels Of Oil From SPR

White House Issues Notice Of Sale For 20 Million Barrels Of Oil From SPR

The Biden Administration has announced that it is releasing the next Notice of Sale for crude oil from the nation’s Strategic Petroleum Reserve (SPR) for 20 million barrels. As part of the Tuesday announcement, the White House cited a “new analysis” from the Department of Treasure that estimates that the previous SPR releases that the … Read more

Switzerland Releases Emergency Oil Reserves

Switzerland Releases Emergency Oil Reserves

Switzerland will release oil from its emergency reserves as it lowers the obligatory levels of petroleum stocks by 6.5% due to low water levels on the Rhine River and chaos in railway transportation, the government said on Friday. A spokesperson for the government confirmed to Reuters that the decision to reduce the mandatory stock level … Read more

US Could Release Even more Oil From Strategic Stockpiles

US Could Release Even more Oil From Strategic Stockpiles

The United States will reassess additional releases of crude oil from the nation’s Strategic Petroleum Reserves, White House Envoy Hochstein said on Wednesday, as the Administration struggles to rein in high prices at the pump. The Administration has already vowed to release a million barrels of crude oil from the stockpiles every day into the … Read more

US SPR Release Is Creating A Problem For Canada’s Heavy Crude Oil

US SPR Release Is Creating A Problem For Canada’s Heavy Crude Oil

By Julianne Geiger – Jun 09, 2022, 10:00 AM CDT Heavy crude released from the US SPR is competing with Canadian heavy crude. WCS discount to WTI has increased to $20 per barrel. Steep discount of WCS to WTI isn’t bringing down crude prices in general. The Strategic Petroleum Reserve release in the United States—a … Read more

Oil Prices Top $111 As Biden’s SPR Buyback Plan Leaks

Oil Prices Top 1 As Biden’s SPR Buyback Plan Leaks

By Charles Kennedy – May 05, 2022, 10:54 AM CDT The Biden Administration will purchase 60 million barrels of crude in Q3 in an effort to replace volumes in the US strategic petroleum for the first time in nearly 20 years, CNN reports, after authorizing a record release over six months. Quote an unnamed Energy … Read more

IEA Reveals Details Of 182.7 Million Barrel Oil Stocks Release

IEA Reveals Details Of 182.7 Million Barrel Oil Stocks Release

Member countries of the International Energy Agency will be releasing a total of 182.7 million barrels of oil from emergency stocks over six months, of which 74 percent will come from public stocks and the remaining 26 percent from lowering of national stockholding obligations set on industry, the IEA said on Friday in an update … Read more

Will We See Another Oil Price Breakout Soon?

Will We See Another Oil Price Breakout Soon?

With Russia’s invasion of Ukraine looking likely to transition into an extended war of attrition in the east of Ukraine, oil supply jitters in the market have cooled off considerably. Also, it appears that recent SPR releases–casually dismissed by many experts as a mere band-aid–are having the desired effect. The oil price bull run has … Read more

Bearish News Is Mounting For Oil

Bearish News Is Mounting For Oil

Oil prices remained fairly stable this week, with ICE Brent balancing slightly above the $100 per barrel mark. Fears of Russian supply disruptions were temporarily put on the back burner by the vast IEA-coordinated inventory release that greatly helped in flattening out the future curves of all three key crude benchmarks. The extensions of COVID … Read more

WTI Crude Falls 5% As IEA Agrees To 120 Million Barrels SPR Release

WTI Crude Falls 5% As IEA Agrees To 120 Million Barrels SPR Release

The members of the International Energy Agency (IEA) have agreed to release 120 million barrels of crude oil, according to Bloomberg. But 60 million barrels of that 120 million has already been accounted for as part of the 180 million barrel SPR release that the Department of Energy made last week. Between the IEA and … Read more