Oil from strategic reserve headed to Europe
(Bloomberg)
— A cargo of crude from the U.S. Strategic Petroleum Reserve departed a Texas
port bound for Europe, a signal of increasing oil-market disarray as refiners
shun Russian supplies and prices surge.
The
rare export of strategic U.S. barrels is evidence of the ever-widening search
for crude to replace Russian cargoes seven weeks after President Vladimir
Putin’s invasion of Ukraine triggered international revulsion and sanctions.
With the global oil benchmark trading above $110 a barrel, traders and refiners
also are trying to cope with a cutoff of Libya’s biggest source of crude and
little expansion in U.S. output.
Not saying I
have a fix to anything, just passing stuff on.
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