Oil companies start to take back crude from U.S. emergency reserve

  • 📰 Reuters
  • ⏱ Reading Time:
  • 8 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday.

) 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.

The taking back of the oil from the SPR might slow commercial inventory drawdowns as companies prioritize selling the barrels, market sources said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Aramco's profit plunges, sees signs of oil market recoveryState oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter. Please respond to this request for interest by Friday, Aug. 14. Visit Asheville AvlNews AvlGov Blood money fund set up by monsters isn't doing well......fixed it. A company that once had an IPO estimated at 1 trillion dollars.... No one is too big to FAIL.
Source: Reuters - 🏆 2. / 97 Read more »