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Oil prices may be trading in a sweet spot for buyers, but it will take years to replenish the nation’s Strategic Petroleum Reserves, U.S. Energy Secretary Jennifer Granholm said.

When the Biden Administration sold off 221 million barrels of crude oil from the SPR last year, the idea was to buy oil to replace what was withdrawn. In October of last year, the Administration announced that it would repurchase crude oil for the reserve when prices were at or below about $67-$72 per barrel. The move would be dual purpose in that not only would it replenish the nation’s depleted reserves, but it would boost demand when prices were low instead of sending them into orbit at a time or regular prices.

In December, the Administration said that it had plans to make the first of these repurchases. The Administration issued a solicitation for 3 million barrels of sour crude oil, with bids due by December 28. Contracts were to be awarded by January 13. At the time, WTI was trading around $74 per barrel. It later declined the finalize its own buyback plan, saying that it did not get offers that met its terms for price or quality.

37.21 USD +0.40 (1.07%)

https://oilprice.com/Energy/Energy-General/WoodMac-Oil-Prices-Could-Surprise-To-The-Upside-With-Chinas-Reopening.html

https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Expects-Oil-Prices-To-Climb-Higher-In-June.html
Onwards and upwards:))))

Good afternoon meoryou:))))))))

https://oilprice.com/Latest-Energy-News/World-News/Big-Oil-Petitions-Brazilian-Court-To-Suspend-New-Oil-Tax.html

https://www.livecharts.co.uk/MarketCharts/brent.php

https://seekingalpha.com/
Hope you can read it.

News
The Federal Reserve - the US central bank, known as the Fed - has increased interest rates for the ninth time in a row.
Fed
The rate has been increased by 0.25 percentage points in an effort to bring down inflation,

which in the US stood at 6% over the 12 months to February.

News
The Federal Reserve - the US central bank, known as the Fed - has increased interest rates for the ninth time in a row.

The rate has been increased by 0.25 percentage points in an effort to bring down inflation, which in the US stood at 6% over the 12 months to February.

News
The Federal Reserve - the US central bank, known as the Fed - has increased interest rates for the ninth time in a row.

The rate has been increased by 0.25 percentage points in an effort to bring down inflation, which in the US stood at 6% over the 12 months to February.

https://www.livecharts.co.uk/MarketCharts/brent.php

https://oilprice.com/Energy/Energy-General/Oil-Prices-Drop-Ahead-Of-Fed-Announcement.html

https://www.theguardian.com/business/2023/mar/22/uk-inflation-rate-rises-price-rises-interest-rates

https://www.livecharts.co.uk/MarketCharts/brent.php

Broker Recommendation Old Target New Target Rating Type
21-Mar-23 Morgan Stanley Overweight 660.00 605.00 Upgrade

Opec range keeping it steady.
It will be interesting the next inflation figures
Hopefully in the single figures

Opec range keeping it steady.
It will interesting the next inflation figures
Hopefully in the single figures

I would be happy if it stays in the range of 80$+

https://oilprice.com/Latest-Energy-News/World-News/Pierre-Andurand-Oil-Prices-Will-Hit-140-This-Year.html