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

Elon Musk Sues Apple, OpenAI Over iPhone AI Deal

Elon Musk is suing Apple and OpenAI over a deal the businesses struck to carry ChatGPT to iPhone customers, in response to a lawsuit filed Monday with the US District Court docket for...

Ether Worth Enters ‘Perception Zone’ Following $5K All-Time Highs

Key takeaways:Ether’s long-term holder web unrealized revenue/loss indicator suggests the worth has entered the “perception” part.The market worth to realized worth suggests ETH is undervalued, with room to run towards $5,500.Ether’s rounded backside...

Robomart unveils new supply robotic with $3 flat payment to problem DoorDash, Uber Eats

Robomart, a startup that builds self-driving supply robots, is unveiling its newest robotic with an bold purpose of utilizing it to make on-demand supply worthwhile. The Los Angeles-based firm introduced its patented Robomart RM5...

NOIA speaks out after Trump halts practically full Revolution Wind challenge

After the U.S. Division of the Inside ordered all work on the practically full Revolution Wind challenge to cease on Friday, Nationwide Ocean Industries Affiliation (NOIA) President Erik Milito issued the next assertion:  ...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com