DOE

It is critical to build markets where producers can access affordable hedges against price volatility, and where other participants will affirmatively “buy the dip” in order to manage supply-related price declines and keep critical producers investing in capacity.

A “Strategic Resilience Reserve” (SRR) could follow the model of the Federal Reserve’s efforts to address financial stability risk: aiming to prevent crises, and reducing harm when they occur.

Introduction Oil markets have always been a geopolitical concern. Widening crack spreads (reflecting a tighter market) suggest that the emphasis today may be on the “geo,” rather than the “political”, as specific grades of oil—heavy or light, sweet or sour—are associated with specific geographies complicating the overall petroleum

Introduction The Biden Administration has successfully executed a forward contract acquisition for the Strategic Petroleum Reserve. We’re extremely pleased to see the Department of Energy (DOE) successfully utilize its new authority, and even more excited that it simultaneously announced another forward contract acquisition for September delivery. These repurchases leverage

"This year it will be difficult for us to take advantage of this low price…But we will continue to look for that low price into the future." - Secretary Jennifer Granholm on March 23, 2023 "We cannot sell and take in (crude oil) at the same

The surprise announcement of OPEC cuts this weekend has caught market participants and the Biden administration off-guard. OPEC's "voluntary" cuts to crude oil production have pushed up crude oil prices across the futures curve. From our vantage point, these OPEC cuts are a potentially welcome development