Baytex Energy Corp T.BTE

SPR To Start refilling reserves

[andy604]

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1h ago

 

US Plans to Buy 12 Million Barrels of Oil for Reserve This Year

Ari Natter and Jennifer Jacobs, Bloomberg News

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(Bloomberg) -- The US plans to purchase about 12 million barrels of oil this year as it begins to refill its depleted emergency reserve amid falling crude prices, according to two people familiar with the matter. 

The figure includes 3 million barrels already scheduled for delivery in August and an additional 3 million barrels from a solicitation the Biden administration issued on Friday, according to the people. 

[Swackaboozy]

Do not make any buying selling decisions on this"announcement".More than likely Biden will raid SPR than refill with a piddly 12 mil.Remember he has already sold about 20 mil bbls out of SPR this year.

[andy604]

That 26 million sold in feb was mandated by congress, so it had to be sold by law, but now i think even with a very small  build we can expect a good summer for oil sales, travel is booming and so is driving for holidays, i am optomistic for oil and even gas this year. hope we all have a profitable year