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Top related persons:
It's - 1 Brent - 1 Biden - 1 Kinder Morgan - 1
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Marathon
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West Texas - 1 United States Oil Fund - 1 USO - 1 country's Strategic Petroleum Reserve - 1 Halliburton - 1 Schlumberger - 1 Valero - 1 Marathon Petroleum - 1

Search resuls for: "country's Strategic Petroleum Reserve"


8 mentions found


☆ This oil refiner could get a boost as summer approaches. Using options to capitalize on the gains
  + stars: | 2024-04-08 | by ( Michael Khouw | ) www.cnbc.com   time to read: +4 min
The move higher for energy stocks comes as West Texas Intermediate crude oil approaches the mid-2022 highs of $88.31 per barrel. Theoretically, one can make bullish bets on oil using an ETF, such as the United States Oil Fund (USO) . However, I would caution against using this as an investment vehicle to make a long-term bullish bet on oil. SPR decline As the chart below illustrates, the country's Strategic Petroleum Reserve declined sharply in the lead-up to the 2022 midterm elections – keeping oil prices in check. The total cost of the spread risks just under 4.4% of the current stock price.
Persons: It's, Brent, Biden, Kinder Morgan Organizations: West Texas, United States Oil Fund, USO, country's Strategic Petroleum Reserve, Halliburton, Schlumberger, Valero, Marathon Petroleum, Marathon, MPC Locations: Marathon
☆ Oil falls as US holds off refilling strategic reserve
  + stars: | 2023-03-24 | by ( Yuka Obayashi | ) www.reuters.com   time to read: +2 min
TOKYO, March 24 (Reuters) - Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years. The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel. Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia's oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported. That would mean Russia is aiming to produce 9.7 million bpd between March and June, when the production cut will be in force, according to Novak - a much smaller reduction in output than Moscow previously indicated. On the supportive side, Goldman Sachs said commodities demand was surging in China, the world's biggest oil importer, with oil demand topping 16 million bpd.
☆ Oil falls as U.S. holds off refilling strategic reserve
  + stars: | 2023-03-24 | by ( ) www.cnbc.com   time to read: +2 min
Some pumpjacks operate while others stand idle in the Belridge oil field near McKittrick, California. Oil prices rose in early Asian trade on the prospect that a stalled Iran nuclear deal and Moscow's new mobilization campaign would restrict global supplies. Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve or SPR may take several years. The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel. On the supportive side, Goldman Sachs said commodities demand was surging in China, the world's biggest oil importer, with oil demand topping 16 million bpd.
☆ Oil settles down on worries over European banks, U.S. crude reserve
  + stars: | 2023-03-24 | by ( Laura Sanicola | Thomson Reuters | Reports On Oil | ) www.reuters.com   time to read: +2 min
West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies. Goldman Sachs said commodities demand was surging in the world's biggest oil importer, with oil demand topping 16 million bpd. That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.
☆ Energy and financial shares drag Toronto market lower
  + stars: | 2023-03-23 | by ( Johann M Cherian Fergal Smith | Johann M Cherian | Fergal Smith | ) www.reuters.com   time to read: +1 min
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 72.86 points, or 0.4%, at 19,459.92, preliminary data showed. The energy sector fell 1.8% as the price of oil settled 1.3% lower at $69.96 a barrel. Oil fell after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Heavily weighted financials were down 0.7% as concerns about the global banking sector lingered following interest rate hikes by the Swiss National Bank and the Bank of England. Bombardier shares ended up 2.8% after the company raised its 2025 revenue and free cash flow targets at its investor day, banking on strong demand for private flights.
☆ Oil drops as oversupply concerns overshadow demand hopes
  + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com   time to read: +2 min
Brent crude futures fell 46 cents, or 0.6%, to $76.23 a barrel by 2:15 p.m. EDT (1815 GMT), while the U.S. West Texas Intermediate crude futures slid by 57 cents, or 0.8%, to $70.33 a barrel. Oil benchmarks were slightly higher before the news on hopes that a lower dollar and higher gasoline prices would spur more demand for the commodity. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs on Thursday said demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.
☆ Biden tries again to lower gas prices — and slams oil companies for raking in record profits 'while a war is raging'
  + stars: | 2022-10-19 | by ( Juliana Kaplan | Ben Winck | ) www.businessinsider.com   time to read: +4 min
President Joe Biden will release 15 million more barrels of oil from the country's reserves to lower gas prices. Biden also urged oil companies to invest in more production, and not their own stocks. "Gas prices hit almost every family in this country and they squeeze their family budgets. The president also castigated oil companies for pocketing larger profits instead of tamping down prices for consumers. Replenishing the SPR should provide security for the oil companies sitting on their profit windfalls.
☆ Biden to announce further release from Strategic Petroleum Reserve
  + stars: | 2022-10-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden to announce further release from Strategic Petroleum ReserveCNBC's Kayla Tausche joins 'Closing Bell: Overtime' to discuss the Biden administration's plans to release more oil from the country's Strategic Petroleum Reserve through December of this year. With Virtus Investment Partners' Joe Terranova.
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