Baytex Energy Corp T.BTE

US Rejects Oil Offers

[uwebb429]

US Rejects Oil Offers in First Attempt to Replenish Stockpiles
https://www.bnnbloomberg.ca/us-rejects-oil-offers-in-first-attempt-to-replenish-stockpiles-1.1866843

No one has come forward yet with an offer to deliver 3 million barrels of oil to the U.S. next month so they can start refilling the SPR. Maybe the oil market is a little tighter than they realize.

The standard media version of the truth is that this was a release of 180 million barrels last year from the SPR. The facts are slightly different. 

https://ycharts.com/indicators/us_ending_stocks_of_crude_oil_in_the_strategic_petroleum_reserve

US Crude Oil in the Strategic Petroleum Reserve Stocks is at a current level of 372.38M, down from 375.13M last week and down from 595.03M one year ago.

222.65 million barrels drained from the SPR in 2022 seems closer to the real number.

[Moemoney42]

Yes a ~40% drop in the SPR is the Biden administration playing with fire.. about the time they are looking to replace those barrels is the time China will be (with the help of the gov't) accelerating their domestic economy.. then watch the competitiion for those barrels heat up..!! 2023 could get real interesting and profitable for our energy producers..!  ;-)

[GambinoB]

Was thinking aboyt 2023/24 I would like our government to release another 370 million barrels of oil from the SPR This will discourage drilling which is good for 2 years It will help me accumulqte cheaper sharss It willl get the SPR down to 0 if they take out 200m this year and 170 next At least than in 2025 zero SPR going forward  I can wait 2 years 

[David01montreal]

This post has been removed in accordance with Community Policy

[riski]

This is a fascinating article with revealing language about the Biden administration's opinion of oil, and what they expect from the market to refill the reserve. In the article, there is talk of fairness to taxpayers and government patience, and reeks of entitlement.   What we are observing is a standoff, and we can be confident now that the suppression of the oil price relates