Seeking Alpha

Energy Dept. sets test release from SPR

  • The release of 5M barrels is a test, says the government, to check for proper operations and infrastructure. Offers to buy are due by 2 ET on Friday.
  • Oil was nicely lower today already and dipped further on the news, but has since returned to where it was before the release hit the wires, -1.4% to $98.66 per barrel.
  • The latest EIA report released just minutes ago shows crude inventories up by 6.2M barrels last week.
  • USO -1.2%
  • ETFs: USO, OIL, UCO, SCO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM, TWTI
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Comments (1)
  • Maobama
    , contributor
    Comments (427) | Send Message
     
    Nice timing on the part of DOE. Just as crude starts to drift lower, this news is sure to speed the selloff.

     

    Do they really need 5mil bbls to run a test?
    12 Mar 2014, 01:16 PM Reply Like
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