#SPR headlines and #CPI data pressure WTI futures on the open. Larry Shover has more.
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Source: CME Group
Share Calgary, Alberta–(Newsfile Corp. – March 2, 2023) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s 2022 results, “In 2022,…
The U.S. Department of Energy (DOE) announced a notice of sale of as much as 15 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) on October 18, 2022, to help address the market supply disruption caused by Russias full-scale invasion of Ukraine and to help lower energy costs. The sale was held on October 19, 2022, for delivery in December 2022. This sale will complete the 180 million barrel sale of crude oil from the SPR that President Biden announced in the spring of 2022 and is part of a larger effort to ensure an adequate supply of petroleum in response to Russias full-scale invasion of Ukraine.
Declining production of the five North Sea crude oil grades in the Dated Brent benchmark has prompted the price reporting agency S&P Global Commodity Insights (previously called Platts) to add West Texas Intermediate (WTI) Midland crude oil to the basket of crude oil grades that determine Dated Brent prices, beginning with the June 2023 delivery. WTI Midland is produced in the Permian region, which spans Texas and New Mexico. The corresponding Brent futures price benchmark is a cash-settled contract, traded on the Intercontinental Exchange (ICE), for transactions involving physical cargoes of several specific crude oil grades in the North Sea, between the United Kingdom and Norway. Brent crude oil is a price benchmark regularly used for other crude oil, petroleum product, and natural gas financial transactions, so changes to the determination of the Brent benchmark affect world commodity trade. …
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