Biden announces new SPR release: Oil goes UpThe Energy Department approved additional exchanges of 13.4mb crude from the SPR. awarded to Shell Trading US Company Trafigura Trading LLC Phillips 66 Company Macquarie Commodities Trading Chevron U.S.A. Inc, ExxonMobil Oil Corporation BP Products North America
LOL. WTI presently up $1.29 after the announcement.
Biden's feeble attempt fails to lower oil prices by releasing SPR crude, a type that refineries don't really want, which must be repaid (replenished) at a later date.
Most likely it will be shipped out and used in other countries like the last time.
The companies awarded just go to the futures market to buy contracts at a fixed price in the future to cover the replacement, along with the interest.
Like moving money from one pocket to the other.