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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Efforts to refill the US emergency oil reserve are being hampered by companies delaying their return of borrowed barrels, according to Bloomberg.
- Shell, Total, and Chevron are among nine companies that borrowed government oil and have deferred returning around 5m bbl until 2024 and 2025.
- Only Phillips 66 has completed its repayment, although due to the nature of the return – using government crude purchased but not received from a tender – did not increase the reserve stocks.
- The emergency stockpile is at its lowest level since the 1980s, with the return of borrowed barrels key to the replenishment.
- The Department of Energy has cancelled two bids to buy a total of 9m bbl in 2023 amid disagreements over price and quality.
- The US has purchased just 7.5m bbl of the 12m bbl it intended to acquire in 2023.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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