U.S. DOE Finalizes Purchase Of 4.65M Barrels Of Crude For SPR; Crude To Be Delivered To Bayou Choctaw SPR Site In Louisiana From Oct-Dec; Exxon Mobil To Supply 3.9M Barrels, Macquarie Commodities Trading To Supply The Rest; Average Purchase Price For The Oil Was About $76.92 Per Barrel
Portfolio Pulse from Benzinga Newsdesk
The U.S. Department of Energy (DOE) has finalized the purchase of 4.65 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). The crude will be delivered to the Bayou Choctaw SPR site in Louisiana from October to December. Exxon Mobil will supply 3.9 million barrels, while Macquarie Commodities Trading will supply the remaining amount. The average purchase price for the oil was approximately $76.92 per barrel.
July 29, 2024 | 4:16 pm
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POSITIVE IMPACT
The U.S. DOE's purchase of 4.65 million barrels of crude oil for the SPR could influence crude oil prices, potentially impacting the United States Oil Fund (USO).
The purchase of a large quantity of crude oil by the U.S. DOE for the SPR could affect crude oil prices. As USO tracks the price of oil, this could lead to a short-term positive impact on USO's price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Exxon Mobil will supply 3.9 million barrels of crude oil to the U.S. DOE for the Strategic Petroleum Reserve. This deal could positively impact Exxon Mobil's revenues and stock price in the short term.
Exxon Mobil's involvement in supplying a significant portion of the crude oil for the SPR is likely to boost its revenues. The deal's average purchase price of $76.92 per barrel is favorable, which could positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90