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In March the US will sell 6 million barrels of oil from strategic stocks

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In March the US will sell 6 million barrels of oil from strategic stocks
March 01
09:00 2019

The site of the US Department of Energy has published the announcement about the sale of the next portion of oil. This step has been taken as part of the program to reduce the state stocks.

The date of March 13 is the last when applications will be accepted. The results will be announced by March 15. Deliveries will be supplied during May, but the buyers will be able to change the date and postpone it until April.

The proposed oil is located in three oil tanks, two of which are located in Texas. They contain 4.5 million of the “black gold” volume, which is offered for sale. Another 1.5 million barrels are contained in Louisiana.

Last month, the US Department of Energy sold 10 million “barrels” in accordance with the same program. The results of this tender will be made public on Friday.

By the decision of the Congress, the Ministry of Energy has received the right to sell fuel from strategic stocks. The funds received (in three years it is planned to raise about 2 billion US dollars) will be spent on the improvement of storage facilities and pipelines of strategic importance.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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