US SPR shifts the timing of final 10 million barrels of SPR sale into November


US officials are out with a clumsy statement about a 10 million barrel SPR release in November. The statement sounds like it will add another 10 million barrels but it’s just changing the timing. The 180 million barrels announced in March is unchanged, but some of it will be sold in November now.

Why November? For one, they had a tough time meeting the 1 million barrel per day pace of sales in the early going. Secondly, midterms are on November 8, and Democrats would hate to have an oil price jump just before then.

There’s a small blip in oil prices on this headline but I actually think it’s bullish. Some Democrats had been pushing to extend SPR sales through January or February and I think this is the White House throwing them a bit of a bone, but no more than that.

The problem for the White House and Democrats is that oil companies aren’t drilling nearly as much as they thought and if they don’t start drilling soon, oil prices will be a bigger problem in 2024 and there won’t be any SPR barrels left to release.



Source link

Related articles

Distribution Options Group, Inc. (DSGR) Q1 2025 Earnings Name Transcript

Begin Time: 09:00 January 1, 0000 9:07 AM ET Distribution Options Group, Inc. (NASDAQ:DSGR)Q1 2025 Earnings Convention NameCould 01, 2025, 09:00 AM ET Firm Contributors Bryan King - Chairman and CEORon Knutson -...

XAUUSD: Correct IQ Gold Gann Stage HIT – NFP Might 2025 – Metals – 2 Might 2025

Abstract of Immediately’s NFP and Market Affect On Might 2, 2025, the US Non-Farm Payroll (NFP) information was launched: Precise: 177KEarlier: 185KForecast:...

Ripple Is ‘Pretend It Until You Make It On Steroids’: Crypto CEO

Trusted Editorial content material, reviewed by main business consultants and seasoned editors. Advert Disclosure The disclosure of Ripple Labs Inc.’s overture to buy Circle Web Monetary for a reported $4 billion to $5 billion...

Ask Engadget: Is it a very good time to maneuver to Macs from Home windows?

Q: I am a Gen X Home windows consumer, I have been constructing my very own methods for many years, and I work primarily in 3D design for the constructing and building trade....
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com