U.S. Strategic Petroleum Reserve Quick Facts

The American Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts.  The SPR is back in focus after the U.S. Department of Energy announced it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices. There are four SPR sites in the United States of America  Crude Oil Storage by Site  (as of August 30, 2021) Bryan Mound – … Continue reading “U.S. Strategic Petroleum Reserve Quick Facts”

Oil Futures Collapse Over 13% on South African Variant Risk Asset Selling

Stock markets and commodities markets sold off hard on Friday due to a new coronavirus variant identified in South Africa. The selling intensified with some countries including the UK, Singapore and Israel curbing travel from South Africa and other neighboring countries. We had seen a dead cat bounce in WTI and Brent after the SPR coordinated release plans. The new COVID-19 variant contains significantly more mutations than others raised concerns of further lockdowns and travel restrictions that could weigh heavily … Continue reading “Oil Futures Collapse Over 13% on South African Variant Risk Asset Selling”

Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices

The U.S. Department of Energy announced it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices. This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom. This has been well telegraphed with oil down roughly 10% from recent highs. The move is seen by many as the epitome of ignorance of energy markets and the self serving nature of … Continue reading “Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices”

How Much Oil In America’s Strategic Petroleum Reserve is Contaminated?

Countries around the world store oil for times of crisis and price bumps, the idea is store it and use it in emergency. What if that oil is not usable, if it is contaminated? Three buyers from the US Strategic Petroleum Reserve say just that, from oil bought last year from the SPR.