Oil companies take back crude stored with U.S. SPR... Reuters

August 11, 2020 by Jim Colburn Leave a Comment

Oil companies are taking back oil they had stored in areas they had rented from the U.S. government… Here is Reuters:

”Since Aug. 1, the companies have taken back 2.2 million barrels of oil of the 23 million barrels they agreed to store in the Strategic Petroleum Reserve, or SPR, from April through June. The companies have until March 31, 2021 to take back the oil after renting the space for a small fee.

Nine oil companies including Exxon (XOM.N), Chevron (CVX.N) and Alon USA rented the space from the reserve, a series of underground salt caverns on the Texas and Louisiana coasts, an Energy Department official said in April.”

Commodity Research Group (CRG), founded by veteran analyst Edward Meir, is an independent research consultancy specializing in base and precious metals, as well energy products. The Group provides research and general price analysis for these markets, along with advice to companies seeking to construct commodity hedging strategies.

Our associates bring decades of experience to the table, as they seek to help our clients understand the markets. CRG will distill the myriad of pricing variables mentioned above into coherent research that is to-the-point and tailored to a clients hedging or pricing needs. In addition, CRG is available for consulting assignments and speaking engagements. CRG does not manage money or trade for itself.

Reader Interactions

Leave a Reply Cancel reply