The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed.
Stockpiles in the SPR fell to 538 million barrels, the lowest since 1987.
About 3.9 million barrels of sour crude was released into the market, while about 1.1 million barrels of sweet crude was issued, according to the data.
President Joe Biden in March announced the largest release ever from the U.S. emergency oil reserve at 1 million bbl/d of crude oil for six months from the reserve.
The 180 million-barrel release is equivalent to about two days of global demand, and was the third time Washington had tapped the SPR in the six months prior.
2022-07-01 - “Continued operation of Freeport’s LNG export facility without corrective measures may pose an integrity risk to public safety, property or the environment,” the U.S. PHMSA said in its preliminary report.
2022-05-12 - Moscow’s sanctions came just a day after Ukraine halted a gas transit route, blaming interference by occupying Russian forces, the first time exports via Ukraine have been disrupted since the invasion.
2022-04-27 - Gazprom said in a statement it had “completely suspended gas supplies to Bulgargaz and PGNiG due to absence of payments in roubles,” referring to the Polish and Bulgarian gas companies.
2022-05-16 - PGNiG’s LNG supply portfolio with U.S. partners currently stands at 7 million tons or 9 Bcm after regasification. A contract with Sempra would boost that by more than 40%.
2022-05-13 - WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.