• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 11 hours Shale Oil will it self destruct?
  • 6 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 1 hour Iran Captures British Tanker sailing through Straits of Hormuz
  • 56 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Childish Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 10 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 15 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 hours Renewables provided only about 4% of total global energy needs in 2018
  • 19 hours Today in Energy
  • 2 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Why Natural Gas is Natural
  • 1 day LA Solar Power/Storage Contract
  • 6 hours U.S. Administration Moves To End Asylum Protections For Central Americans
Why Crude Quality Matters

Why Crude Quality Matters

There are three issues currently…

A New Gasoline Glut Is In The Making

A New Gasoline Glut Is In The Making

Gasoline prices could fall in…

U.S. Won’t Release SPR Barrels To Calm Oil Markets

Oil barrels

The United States will not be dipping into its Strategic Petroleum Reserves (SPR) to calm unsettled markets today, according to S&P Global Platts sources who were commenting about rising oil prices as WTI surpassed $65 per barrel in the late afternoon.

The US may, however, consider tapping into the SPR if oil prices are too high over the summer months, according to the same sources, although President Donald Trump confidently proclaimed on Monday that Saudi Arabia and other OPEC players have the ability to turn on the taps to make up for any oil supply shortfalls left by Iran now that waivers are behind us, marking the true beginning of the US sanctions on Iran.

WTI was trading up $1.62 (+2.53%) at 3:45pm EST, reaching $65.69. Brent was trading up $2.14 (+2.97%) at $74.11—the highest price in five months.

The purpose of the 700+million-barrel SPR is to insulate the United States in the event of a supply emergency, although the fact that it exists also sends the message to other oil producers that the United States has the ability to flood the market with oil should it choose to do so. It is the largest supply of emergency crude oil in the world, according to the energy.gov website.

The United States has tapped its SPR to weather global supply disruptions three times, although it has released barrels at other times as well as part of planned drawdowns. In August last year, the United States moved up a planned 2019 SPR release to soften the blow of US sanctions on Iran. The United States, however, granted eight purchases of Iranian oil waivers, sending the price of oil downward on the news.

Those waivers will officially end on May 1, the White House announced on Monday.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play