U.S., Britain set to agree emergency oil stocks release - News and Current Events | futures io social day trading
futures io futures trading


U.S., Britain set to agree emergency oil stocks release
Updated: Views / Replies:562 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

U.S., Britain set to agree emergency oil stocks release

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

U.S., Britain set to agree emergency oil stocks release

(Reuters) - Britain is poised to cooperate with the United States on a release of strategic oil stocks that is expected within months, two British sources said, in a bid to prevent fuel prices choking economic growth in a U.S. election year.

A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.

Britain would respond positively, the two sources said, and Cameron said the issue of reserve levels was worth considering.

"We didn't make any decision, this has to be discussed broadly. We've got to look at this issue carefully, it's something worth looking at. Short-term should we look at reserves? Yes, we should," Cameron said during a meeting with students in New York.

"We'd both like to see global oil prices at a lower level than they are."
Details of the timing, volume and duration of a new emergency drawdown have yet to be settled but a detailed agreement is expected by the summer, one of the sources said.

Other countries may also be approached by Washington to contribute, a further source said, Japan among them.
White House spokesman Jay Carney said Obama and Cameron discussed rising oil prices, but he declined to comment on whether the leaders discussed a release of reserves. He said no deal had been reached on a release or timetable for such a move.

"As has been the case every time I'm asked about that issue (the Strategic Petroleum Reserve), I'm not going to discuss specifics about it," Carney said.

"I can tell you that among the many topics of discussion that the British prime minister and the president had were energy issues and the situation globally with the rise in the price of oil."

Rising world oil prices have pushed the cost of gasoline in the U.S. up sharply, threatening to stall economic recovery ahead of Obama's bid for re-election in November.

Brent crude has gained more than 15 percent since January to a peak of over $128 a barrel, in a repeat of last year's spike in fuel costs when the loss of Libyan oil supplies during civil war triggered a coordinated International Energy Agency (IEA) stock drawdown.

Brent for May tumbled $1.98 to settle at $122.60 a barrel on Thursday.
Previous emergency oil releases have been coordinated by the Paris-based IEA to meet its mandate to cover substantial supply disruptions on the world oil market.

The IEA has declined to coordinate a broader release among its 28 industrialized members, but says that countries may legitimately decide to release oil unilaterally.

"The Obama administration can only take so much political pain from rising gasoline prices, which pose a serious threat to the economy and the president's re-election," said Bob McNally, a former White House energy adviser and head of U.S. energy consultancy Rapidan.

"SPR (Strategic Petroleum Reserve) use is more a matter of when than if. The administration strongly desires international support and coordination from other strategic stock holders, but is encountering stiff resistance from some IEA members who think strategic stocks should only be used for severe supply disruptions," McNally said.

Top U.S. officials including Energy Secretary Steven Chu and Treasury Secretary Timothy Geithner have said publicly in recent weeks that a U.S. oil release is among the options the government is considering.
While there is no significant disruption of world oil supplies at the moment, sanctions on Iran are expected to cut its output when a European Union embargo takes effect from July.

Minor stoppages from South Sudan, Yemen and Syria also have contributed to the rise in oil prices.
"At the moment there is no need to use it," IEA executive director Maria van der Hoeven said of reserves at an industry conference in Kuwait on Wednesday.

"There is more supply coming to the market from OPEC countries. There is no price trigger for the stocks release, the trigger is a disruption in physical supplies."
"There is no real supply disruption, this is just price management", said Olivier Jakob from Vienna-based consultancy Petromatrix.

OPEC's biggest producer Saudi Arabia, the only oil producer with any spare capacity, has said it is prepared to fill a supply gap but will only do so to meet additional demand, rather than as a preventative measure.

While the U.S. release would be of crude oil from the national SPR, the UK contribution is likely to come from a reduction of the minimum reserves of crude and refined products that UK commercial oil companies are required to hold.

The United States has sold crude oil directly from the 700-million barrel SPR only a handful of times, almost always in conjunction with the IEA.
In addition, the U.S. Department of Energy has arranged unilateral short-term loans from the reserve about a dozen times since it was filled in the 1980s, typically in much smaller amounts


Exclusive: U.S., Britain set to agree emergency oil stocks release | Reuters

Reply With Quote

Reply



futures io > > > > U.S., Britain set to agree emergency oil stocks release

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Greece Set to Agree Bailout as Germany Demands Action Quick Summary News and Current Events 0 February 12th, 2012 07:20 AM
Oil Prices Rebound as Markets Await IEA Release Quick Summary News and Current Events 0 June 24th, 2011 12:20 AM
The Secret Genius Move Behind Today's Big Oil Release kbit News and Current Events 0 June 23rd, 2011 06:43 PM
Surprise Oil Release by IEA Rattles Markets, Investors Quick Summary News and Current Events 1 June 23rd, 2011 06:35 PM
Britain Defends Its Beleaguered Oil Giant; Shares Gain Again Quick Summary News and Current Events 0 June 11th, 2010 08:00 PM


All times are GMT -4. The time now is 12:03 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.09 seconds with 19 queries on phoenix via your IP 54.90.92.204