equitieswatch
Sunday, January 29, 2023
About us
Advertise
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities
No Result
View All Result
Equitieswatch.com
No Result
View All Result

U.S. awards contracts for 30M barrels from Strategic Petroleum Reserve (NYSE:VLO)

by equitieswatch
April 22, 2022
in Finance

Rangsarit Chaiyakun/iStock via Getty Images

Valero’s (NYSE:VLO) trading division was the largest buyer of crude oil in the second sale from the U.S. Strategic Petroleum Reserve that was part of the Biden administration’s attempt to combat rising energy prices after Russia invaded Ukraine.

The Department of Energy said Thursday it awarded 12 contracts for 30M barrels of oil from the SPR that were marked for May-July delivery, and it plans to offer another 40M barrels of SPR crude May 24 for delivery in June and July.

In addition to the 6.85M barrels awarded to Valero, other successful bidders included 4.05M barrels to Motiva Enterprises, 3.6M to Exxon Mobil (XOM), 2.75M to Shell (SHEL), 2.6M to Glencore (OTCPK:GLCNF) (OTCPK:GLNCY), 2.5M to Phillips 66 (PSX) and 2.4M to Marathon Petroleum (MPC).

Benchmark crude prices have stayed mostly above $100/bbl since the war in Ukraine started despite emergency stock releases by the U.S. and other countries.

Seeking Alpha head of quantitative strategies Steven Cress recently tapped Valero (VLO) as one of his top five S&P 500 stocks to buy now.

Source link

YOU MAY ALSO LIKE

The U.S. is hurtling toward a recession. Here’s the best-case scenario for how it could play out—and the worst

Bitcoin Breaches $20,000 for the First Time Since 2020

ShareTweetPin

Search

No Result
View All Result

Recent News

Oil slips further on demand, financial market worries By Reuters

Oil Sinks Further Amid China Concerns, Weakened Economic Prospects By Investing.com

October 25, 2022
Gold Up, Set for Second Weekly Gain as Dollar Falls from 20-Year High By Investing.com

Gold Pressured Near $1,650, Copper Muted on Economic Fears By Investing.com

October 25, 2022
Explainer-What would be the impact of Russian oil sanctions in Europe? By Reuters

Oil prices edge higher as U.S. dollar eases By Reuters

October 25, 2022
Equitieswatch.com

Equitieswatch.com is your Stock Market, Finance, Forex, Cryptocurrency, Business, NFT News Website. We provide you with the latest breaking news and videos straight from the Business industry.

  • Home
  • About us
  • Contact
  • Privacy Policy

© 2022 www.equitieswatch.com

No Result
View All Result
  • Home
  • Stock Market
  • Finance
  • Cryptocurrency
  • Commodities

© 2022 www.equitieswatch.com