Six firms led by Marathon Petroleum (NYSE:MPC) gained contracts to buy 26M barrels of crude oil from the U.S. Strategic Petroleum Reserve in a aggressive sale scheduled as a part of a deliberate drawdown, the U.S. Division of Vitality mentioned Thursday.
Marathon Petroleum (MPC) was awarded 8.4M barrels, whereas Equinor (EQNR) will take 7.3M barrels, Shell (SHEL) gained 3.6M barrels, Saudi Aramco (ARMCO) bought 3.5M barrels, and Macquarie Commodities Buying and selling and Phillips 66 (PSX) every will take 1.6M barrels.
Supply is scheduled between April 1 and June 30 from SPR websites in Massive Hill, Texas, and West Hackberry, Louisiana.
The DoE mentioned it is going to now flip its consideration to replenishing the SPR, with a concentrate on securing “the perfect deal for taxpayers by aiming to repurchase crude at a lower cost than it was bought for, whereas offering certainty to the trade in a approach that helps encourage near-term manufacturing.”
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In an evaluation revealed lately on In search of Alpha, Steven Cress lists Marathon Petroleum (MPC) as certainly one of his “prime 5 shares to personal within the S&P 500.”