Happy Thursday!
Did anyone read online on MSN from Reuters on Tuesday, May 9, 2023 their article titled, “Oil recoups
losses on plans for SPR refill, higher seasonal demand”? In the article it speaks about how the market
has been affected by the Strategic Petroleum Reserve (SPR) plans to begin
buying back oil to replenish what it released into the market and expectations
of summer increasing demand for oil. The
US government is expected to start buying oil to replenish the SPR later this
year. The article speaks about the US
Energy Information Administration’s (EIA) latest Short-Term Energy Outlook (SEO)
Report expects for demand to be high this summer, but lower than last year, and
with OPEC+ cut in production will cause prices for crude oil rise. EIA also predicts that US Crude will increase
production to keep up with demand. The
article goes on to speak about how our debt ceiling is influencing the market
and inflation. If you would like to read
more of the article from Reuters for free on MSN.com, please click
the link: Oil recoups losses on plans for SPR refill, higher seasonal demand (msn.com).
If you would like to check out
the EIA’s SEO Report which was released May 9, 2023, please click the
link: Short-Term Energy Outlook - U.S. Energy Information Administration (EIA).
Don’t forget to check out our ESC’s website or contact us via the email in the
blog, if you need help with developing a project.
We hope you have a great and
relaxing night!