Oil from U.S. reserves sent overseas as gasoline prices stay high | Same Business

Oil from U.S. reserves sent overseas as gasoline prices stay high

Reuters, HOUSTON, July 5 - According to data and sources, more than 5 million barrels of oil from the historic U.S. emergency reserves release that lowered domestic fuel prices were exported to Europe and Asia last month, despite record-high prices for gasoline and diesel in the country.

The impact of U.S. President Joe Biden's efforts to cut record pump prices is being mitigated by the export of petroleum and fuel. On Saturday, Biden reiterated his plea for fuel providers to lower their rates, garnering criticism from Jeff Bezos, the founder of Amazon.

The Strategic Petroleum Reserve (SPR) is discharging almost a million barrels each day through October. The SPR is being depleted by the flow after last month seeing its lowest level since 1986. One-fifth of the country's gasoline and diesel prices are above $5 per gallon, while U.S. crude futures CLc1 are trading above $100 a barrel. According to American officials, oil prices might have increased if the SPR had not been used.

A Department of Energy official claimed that the SPR "remains a crucial energy security mechanism to manage global crude oil supply problems" and that the emergency releases "helped assure stable supply of crude oil."

According to U.S. Customs records, Phillips 66 PSX.N, the fourth-largest U.S. oil refiner, moved around 470,000 barrels of sour crude from the Big Hill SPR storage facility in Texas to Trieste, Italy. A pipeline that transports oil to refineries in central Europe is located in Trieste.

Source

The data showed that the French oil giant TotalEnergies TTEF.PA's subsidiary Atlantic Trading & Marketing (ATMI) exported two cargoes, each containing 560,000 barrels.

Despite requests for comment, Phillips 66 opted not to. A request for response from ATMI was not answered.
According to a source in the sector, cargoes of SPR crude were also in route to the Netherlands and an Indian Reliance RELI.NS refinery. Another source claimed there was a third shipment going to China.

According to a shipping source, at least one cargo of oil from the West Hackberry SPR site in Louisiana was planned for export in July.

According to Matt Smith, chief oil analyst at Kpler, "Crude and fuel prices would probably be higher if (the SPR releases) hadn't happened, but at the same time, it isn't really having the effect that was predicted."

The most recent exports come after three ships that helped replace Russian crude supply by transporting SPR crude to Europe in April.

As refineries operate close to capacity, U.S. crude stockpiles are at their lowest level since 2004. The U.S. Gulf coast's refineries were operating at 97.9 percent capacity, the highest level in three and a half years.

What is the oil stockpile in the Strategic Petroleum Reserve that Joe Biden is using?

U.S. reserves an additional 45 million barrels of oil for its historic SPR release.

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