Jolyon@jolyon

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Donald Trump oil reserve drop

🇺🇸 The U.S. emergency oil tank is at its emptiest since Reagan's first term. The Strategic Petroleum Reserve is down to 285 million barrels, the lowest since November 1982, and roughly 30% lower than a year ago. The drop comes from the 172 million barrel release Trump approved to calm markets after the Iran conflict squeezed shipping through Hormuz. It's set up as an exchange, so the companies taking that oil have to return it to the government later. The timing is tricky though, with Brent still above $105 and WTI above $102. If another major supply shock hits before those barrels come back, the U.S. has a lot less cushion to throw at it. Source: Yahoo Finanace / Writer: Daniyal

1d

Jolyon@jolyon

Follow

Donald Trump oil reserve drop

🇺🇸 The U.S. emergency oil tank is at its emptiest since Reagan's first term. The Strategic Petroleum Reserve is down to 285 million barrels, the lowest since November 1982, and roughly 30% lower than a year ago. The drop comes from the 172 million barrel release Trump approved to calm markets after the Iran conflict squeezed shipping through Hormuz. It's set up as an exchange, so the companies taking that oil have to return it to the government later. The timing is tricky though, with Brent still above $105 and WTI above $102. If another major supply shock hits before those barrels come back, the U.S. has a lot less cushion to throw at it. Source: Yahoo Finanace / Writer: Daniyal

1d