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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
The US is planning to purchase to 3mln barrels of crude oil to fill its depleted Strategic Petroleum Reserve for delivery in August, the US Department for Energy said.
- Awards are expected to be announced in June with deliveries into SPR planned for August.
- The new purchase would be for sour crude oil delivered to the Big Hill SPR site in Texas.
- The move marks the agency’s second attempt to begin replenishing the SPR after it released more than 200mn barrels last year.
- Last Week, US Energy Secretary Jennifer Granholm said the US will start buying crude oil to refill the SPR after the congress mandates sales end in June.
- The administration last fall said the aim was to refill the reserve when prices were at or below about $67-$72/bbl.
- A previous attempt to refill SPR in January was cancelled by the Energy Department, after the agency said offers were either too expensive or did not meet other specifications.
- The reserve currently holds nearly 360mn barrels of oil according to Energy Department data.
- WTI JUN 23 down -0.2% at 70.98$/bbl
- WTI JUN 23 down -0.2% at 70.98$/bbl
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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