U.S. reportedly to seek 6M barrels for Strategic Petroleum Reserve

seekingalpha09-18

Crude futures rose Tuesday as renewed tensions in the Middle East added to hopes that an interest rate cut from the Federal Reserve would support demand for oil. The oil market is bracing for the Fed'...

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The oil market is bracing for the Fed'...</p>\n\n<a href=\"https://seekingalpha.com/news/4150486-us-reportedly-to-seek-6m-barrels-for-strategic-petroleum-reserve\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DRIP","symbol_name":"Direxion Daily S&P Oil & Gas Exp. & Prod. 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A 50-bp rate cut is unlikely to do much to improve oil demand, while a 25-bp move could see a buy-the-rumor, sell-the-news reaction in oil, analysts at Ritterbusch said, according to Dow Jones. In a key data release ahead of the two-day Fed meeting, August retail sales came in above expectations, rising 0.1%. Meanwhile, thousands were injured in Lebanon when pagers used by Hezbollah operatives exploded simultaneously in what may have been an attack by Israel; the blasts injured more than 2,700 people with eight deaths, The Wall Street Journal reported. The incident may \"put war risk premium back into the market that was taken out,\" Price Futures Group analyst Phil Flynn told MarketWatch. Most of the offshore production shut in last week by Hurricane Francine has been restored, with 102K bbl/day of oil and 180M cf/day of natural gas still offline, the U.S. government said. Prices also were supported by a supply disruption in Libya, where a rift between rival factions has led to lower oil output and exports, and United Nations-led talks have failed to resolve the dispute. Front-month Nymex crude (CL1:COM) for October delivery finished +1.5% at $71.19/bbl, its best settlement value since August 30, and front-month November Brent (CO1:COM) crude ended +1.3% to $73.70/bbl, its highest close since September 3. U.S. natural gas futures slipped after testing a new two-month high, with the front-month October Nymex contract (NG1:COM) closing -2% to $2.324/MMBtu. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG) The Biden administration will attempt to secure up to 6M barrels of oil for the U.S. Strategic Petroleum Reserve, Reuters reported, a purchase that would match its largest replenishment yet following the historic sale in 2022. The administration will announce the solicitation as soon as tomorrow to buy oil for delivery to the Bayou Choctaw site in Louisiana, according to the report. The Department of Energy has taken advantage of relatively low crude prices that are below the $79.99/bbl target price at which it wants to buy back oil after the 2022 SPR sale of 180M barrels.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468148143"}