The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on April 21, 2020, 07:07:03 pm
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John Carney 21 Apr 2020
The chaotic plunge in oil prices spread on Tuesday beyond the May futures contract set to expire at the close of trading.
The May futures contract for West Texas Intermediate, the U.S. benchmark, went sharply negative on Monday but bounced into positive territory on Tuesday. The June WTI contract, however, crashed more than 41 percent to just below $12 a barrel.
Brent crude prices also fell steeply. The June contract plunged around 25 percent to less than $20 a barrel.
Traders say the month-out contract is more indicative of underlying supply and demand than futures contracts due to expire in a few days.
The United States Oil Fund, an exchange-traded fund with the ticker symbo USO, was briefly halted before the opening bell Tuesday. It plunged when it began trading, falling 25 percent by midday. Year to date, the fund is down 78 percent.
more
https://www.breitbart.com/economy/2020/04/21/oil-plunge-deepens/ (https://www.breitbart.com/economy/2020/04/21/oil-plunge-deepens/)
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Fill the SPR while prices are negative!
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Fill the SPR while prices are negative!
Pelosi won't allow it.
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Fill the SPR while prices are negative!
It was reported that he bought up oil last month for emergency reserves.
https://www.bloomberg.com/news/articles/2020-03-13/trump-says-going-to-buy-large-quantities-of-oil-for-reserve-k7qlrbck (https://www.bloomberg.com/news/articles/2020-03-13/trump-says-going-to-buy-large-quantities-of-oil-for-reserve-k7qlrbck)
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U.S. energy secretary to urge House lawmakers to buy oil for strategic reserve (https://www.reuters.com/article/us-global-oil-usa-brouillette-idUSKCN2232F1)
April 21, 2020 / 11:58 AM / Updated 4 hours ago
WASHINGTON (Reuters) - The U.S. energy secretary said on Tuesday he would talk with leaders in the U.S. House of Representatives later in the day and urge them to fund the purchase of crude to fill the emergency oil reserve.
In March, President Donald Trump ordered Energy Secretary Dan Brouillette to fill the Strategic Petroleum Reserve, or SPR, to the top as the price of oil plunged while the coronavirus crushed global demand. So far, Congress has declined to fund the purchase, with some Democrats opposed to bailing out the oil industry.
https://www.reuters.com/article/us-global-oil-usa-brouillette-idUSKCN2232F1 (https://www.reuters.com/article/us-global-oil-usa-brouillette-idUSKCN2232F1)
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It was reported that he bought up oil last month for emergency reserves.
https://www.bloomberg.com/news/articles/2020-03-13/trump-says-going-to-buy-large-quantities-of-oil-for-reserve-k7qlrbck (https://www.bloomberg.com/news/articles/2020-03-13/trump-says-going-to-buy-large-quantities-of-oil-for-reserve-k7qlrbck)
Pelosi won't fund it. We have to pay for mail-in voting for all, first. This line item is one of the Rats' favorite bargaining chips.
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Dow drops more than 1,200 points in two days amid oil market turmoil
https://thehill.com/policy/finance/493970-dow-drops-more-than-1200-in-two-days-amid-oil-market-turmoil
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Millions for illegals but not one drop for our own oil?