Tag: Matt Smith

More Oil From U.S. Strategic Petroleum Reserve Heads To Europe

Tina Marie (Ms. Cat)

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

Tina Marie (Ms. Cat)

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!