A bunch of current headlines are scary:
Much Ado About Nothing
Tag: Kpler
Over 5 million barrels of US reserve oil were exported to Asia and Europe last month as domestic refineries run at full capacity, report says
Russia’s energy revenue higher now than just before Ukraine war, U.S. official says
Russia may be getting more revenue from its fossil fuels now than shortly before its invasion of Ukraine, as global price increases offset the impact of Western efforts to restrict its sales, U.S. energy security envoy Amos Hochstein told lawmakers during a hearing on Thursday.
Russia’s energy revenue higher now than just before Ukraine war, U.S. official says
More Oil From U.S. Strategic Petroleum Reserve Heads To Europe
More Oil From U.S. Strategic Petroleum Reserve Heads To Europe
Meanwhile, U.S. crude [oil] is flowing to Europe at rates never seen before.
Two cargoes of high-sulfur crude from the U.S. strategic reserve are headed to Italy and the Netherlands, according to tanker-tracking data and sources briefed by Bloomberg. The tankers have loaded crude at terminals connected to storage caverns of the SPR in Texas and Louisiana.
According to Matt Smith, oil analyst at commodity data firm Kpler, these would not be the last crude exports out of the U.S. SPR to Europe.
In April, some 1.6 million barrels of U.S. crude from the strategic reserve made its way to Europe, Smith told Bloomberg, adding: “That’s the largest amount of SPR crude that’s been shipped to the continent based on historical monthly data.”
Oil From Biden’s Emergency SPR Release Is Heading For Europe
Oil From Biden’s Emergency SPR Release Is Heading For Europe
Related:
U.S. Exports Oil From SPR Release: Report
Bloomberg: Oil From U.S. Strategic Reserve Heads for Europe Amid Global Supply Crunch
[11-2021] U.S. Is Already Exporting Oil From Strategic Reserve at Record Pace
If the Biden Administration decides to tap U.S. emergency crude reserves to push down domestic energy prices, it may not help all that much. The supplies may just be exported away like last month.
…
The White House has been mulling a range of options to ease soaring pump prices and Democrats are pressing for a potential ban on oil exports as well as the release of crude from the nation’s strategic reserves.
It’s not “Putin’s Price Hike,” if prices were going up, last November!
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