US Strategic Petroleum Reserve Falling
19 Sep, 2022
Category: Commodities
Tags: Oil
The oil prices will move another way around once the US plans to increase its reserve again.
The US Strategic Petroleum Reserve has been plunging.
The massive supply of oil to the global oil market is pushing oil prices down. The reason for the US to sell their oil reserve is to tame the inflation rate by keeping oil prices low as the US State Election is going to be held in early November.
The low inventory level is definitely insufficient in case a disaster happens or a war/ conflict happens to US allies and requires US military assistance.
Once the election is over, the Department of Energy (DOE) will replenish its stockpile. By that time, oil prices and the inflation rate will shoot up.
Related Articles
A Game-Changer in the Copper Mining Industry
2024-04-26
|
Commodities
|
Tags: Copper
The merger could create a conglomerate controlling approximately 10% of the world's copper production
The copper wave
2024-04-25
|
Commodities
|
Tags: Copper
Copper prices driven by tight supplies and strong demand prospects
Commodities bull run
2024-04-03
|
Commodities
|
Tags: Commodities
Easiest way to ride on the commodities bull run