Market Close: Oct 18 Down
Oct 18th, 2022 by loren
Fueling Strategy: Please top your keep tonight before 23:00 tonight, Wednesday prices will jump UP 11 cents ~ Be Safe
NMEX Crude $ 82.82 DN $2.6400
NYMEX ULSD $3.9935 DN $0.0917
NYMEX Gas $2.5506 DN $0.0425
NEWS
President Joe Biden will announce an additional release of crude oil from the Strategic Petroleum Reserve on Wednesday in the range of 10 million to 15 million barrels, sources familiar with the plan told CNBC. The move aims to extend the current SPR delivery program, which began this spring, through December, the sources said.
The EU embargo on Russian oil is scheduled to go into effect on Dec. 5, and the White House release is intended to offset some of the expected volatility in the oil market stemming from the implementation of the EU embargo. So far this year, the White House has released about 165 million barrels of crude from the SPR, out of a total that it said would be around 180 million. The announcement of an additional 10 million to 15 million barrels on Wednesday would represent the culmination of the current release.
The White House and Energy Department did not respond to requests to comment.
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