Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead

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  • #52030
    MoneyNeverSleeps
    Participant

    US Weighs Cancellation of Next SPR Sale
    Via Energy Intel

    Hi says the US is reviewing and considering canceling a planned sale of crude oil from its Strategic Petroleum Reserve (SPR) this year

    The planned releases, scheduled to take place by September of this year, are under review, according to three US-based sources.

    Biden administration switches its focus to refilling the reserve after a year of record releases aimed at taming oil prices.

    At stake are 26 million barrels of congressionally-mandated sales originally designed to raise revenue under bills passed at a time when lawmakers were less concerned about energy security because of a rapid rise in US shale oil production.

    #52200
    TradersCom
    Keymaster

    Crude Oil futures fall over $2 from highs weight of rising dollar & yields for profit takers.
    WTI Mar 2023 $80.11 -0.90 -1.10%
    High 82.48 Low 79.86
    Brent Crude Futures 86.47 -0.85-0.97%
    Unleaded Gasoline Futures2.5873-0.0293 -1.12%

    #51813
    TradersCom
    Keymaster

    US crude oil inventories have been building rather stoically in 2023, specifically at the Cushing WTI futures Hub. The EIA said there was a build +4.2
    [See the full post at: Around The Barrel – Crude Oil and Gasoline Outlook for The Week Ahead]

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