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Oil Prices Top $111 As Biden’s SPR Buyback Plan Leaks — Charles Kennedy

Summary:
The Biden Administration will purchase 60 million barrels of crude in Q3.CNN: Delivery of those first 60 million barrels would be paid for with revenue received from sales of emergency oil.The full process for replenishing the SPR will take years.OilpriceOil Prices Top 1 As Biden’s SPR Buyback Plan LeaksCharles Kennedy

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  • The Biden Administration will purchase 60 million barrels of crude in Q3.
  • CNN: Delivery of those first 60 million barrels would be paid for with revenue received from sales of emergency oil.
  • The full process for replenishing the SPR will take years.
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Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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