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gt1370a
Heavy Crude
Joined: Apr 02, 2005
Posts: 359
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 Posted: Sun Aug 31, 2008 7:57 pm Post subject: Gustav and SPR |
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If anybody comes across any news on SPR (oil, gasoline, etc.) releases in response to disruptions from Gustav, please post it here.
I suspect that Gustav will be like Katrina, that the DOE will respond with a generous release of SPR crude and strategic gasoline stockpiles, and that prices will continue their recent downward trend in response. I also think that this will lead to a great buying opporunity in something like UGA, the gasoline ETF. It would be interesting to hear what some smart people like pup or MrBill or Dantes think about that... |
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TheDude
Expert
Joined: Apr 06, 2006
Posts: 3618
Location: 3 miles NW of Champoeg, Republic of Cascadia
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| Posted: Sun Aug 31, 2008 10:19 pm Post subject: Re: Gustav and SPR |
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Hi gt,
Here's something I posted in the storms/cyclones/hurricanes thread: Post.
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Sun Aug 31, 2008 10:33 pm Post subject: Re: Gustav and SPR |
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They already announced that they intend to release SPR and IEA stocks if needed, so I don't see why if they actually used the SPR prices would drop.
Keep in mind the US futures oil price is based upon delivery of oil to Cushing, OK, so if the oil doesn't get there we have a problem in Houston.
Then we have to consider that SPR oil is similar but not exactly the same quality as WTI crude.
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TreebeardsUncle
Intermediate Crude
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Joined: Jun 15, 2006
Posts: 598
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| Posted: Sun Aug 31, 2008 10:36 pm Post subject: Re: Gustav and SPR |
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Expect there will be a Gustave blip upwards in oil prices and then a continued slide downward over the next several weeks.
g |
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4856
Location: Southwest WI
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| Posted: Mon Sep 01, 2008 2:02 am Post subject: Re: Gustav and SPR |
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We need gasoline anyways... I don't think a shortage of oil is the problem... YET...
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GeneralGreen
Heavy Crude
Joined: Jul 04, 2008
Posts: 233
Location: Europe: European Historian
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| Posted: Mon Sep 01, 2008 2:56 am Post subject: Re: Gustav and SPR |
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| frankthetank wrote: | | We need gasoline anyways... I don't think a shortage of oil is the problem... YET... |
Yes the USA needs gasoline...Oil is not the problem..the problem will be refined gasoline...I imagine the EU will assist again the USA on this matter....I expect this to be on par with Rita 3 yrs ago....It will be a blow...but not as big as everyone is thinking. |
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bratticus
Tar Sands
Joined: Jun 12, 2008
Posts: 76
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| Posted: Thu Sep 04, 2008 7:17 pm Post subject: Re: Gustav and SPR |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Thu Sep 04, 2008 7:24 pm Post subject: Re: Gustav and SPR |
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That request was withdrawn, but others are being considered.
See this thread:
http://www.peakoil.com/post760372.html#760372
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bratticus
Tar Sands
Joined: Jun 12, 2008
Posts: 76
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| Posted: Thu Sep 04, 2008 7:47 pm Post subject: Re: Gustav and SPR |
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| DantesPeak wrote: | | That request was withdrawn |
Prove it. Just because the Citgo request was withdrawn doesn't mean that others were not granted. |
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bratticus
Tar Sands
Joined: Jun 12, 2008
Posts: 76
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| Posted: Thu Sep 04, 2008 7:53 pm Post subject: Re: Gustav and SPR |
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| The AFP article states there was a release and there is no indication that Citgo or Marathon wanted it. |
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eastbay
Moderator
Joined: Dec 18, 2004
Posts: 4872
Location: One Mile From the Columbia River
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| Posted: Thu Sep 04, 2008 8:07 pm Post subject: Re: Gustav and SPR |
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Marathon's request for SPR oil was accepted.
The U.S. will grant Marathon Oil Corp.'s request for oil from the Strategic Petroleum Reserve, and expects more from other companies, Energy Secretary Samuel Bodman said.
"We are in discussions with Marathon Oil related to how much, related to where, and those conversations are ongoing,'' Bodman told reporters today after giving a speech in Washington.
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Thu Sep 04, 2008 9:34 pm Post subject: Re: Gustav and SPR |
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You want proof, here's the last official statement. It's possible there was some oil released today, but there was no official announcement of how much. I expect they will act on the two other requests soon. Where did I imply otherwise?:
| Quote: | September 3, 2008
Statement from DOE’s Chief Spokesperson Andrew Beck Regarding Request for Oil from the Strategic Petroleum Reserve
WASHINGTON, DC – Today, September 3, 2008, with the partial opening of Louisiana’s Calcasieu Channel, Citgo’s Lake Charles refinery has determined that it will receive the necessary oil supply needed to meet their refinery needs and has withdrawn their request for 250,000 barrels of oil from the Strategic Petroleum Reserve.
Separately, the U.S. Department of Energy received a formal request from Marathon Petroleum Company’s Robinson and Catlettsburg refineries for oil from the Strategic Petroleum Reserve. The oil is needed because of disruptions in supply caused by Hurricane Gustav. The Department is reviewing Marathon’s request. |
Department of Energy
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Thu Sep 04, 2008 9:43 pm Post subject: Re: Gustav and SPR |
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| Quote: | Shell: Capline Pipeline Flowing From Mississippi To Illinois
DOW JONES NEWSWIRES
September 4, 2008 8:44 p.m.
DOW JONES NEWSWIRES
The Shell-operated Capline crude pipeline has begun operating a long length of its pipeline between Liberty, La., and Patoka, Ill., the company said Thursday.
The pipeline, which is a key piece of the country's energy infrastructure moves crude from the U.S. Gulf Coast to the Midwest, was shut because of Hurricane Gustav. The pipeline's closure caused Valero Energy Corp. (VLO) to reduce rates at its Memphis, Tenn., refinery, Valero said.
Additionally, Marathon Corp. (MRO) asked the Department of Energy to borrow crude from the Strategic Petroleum Reserve. Two Marathon refineries are located along the pipeline in Illinois and Kentucky.
The remaining parts of the pipeline in Louisiana will be restarted over the weekend with the help of generators. Widespread power outages are still impacting the state.
Shell also said it is testing its Houma, La., to Houston pipeline.
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WSJ
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Thu Sep 11, 2008 4:14 pm Post subject: Re: Gustav and SPR |
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| Quote: | DOE: To Deliver More SPR Oil Following Hurricane Gustav
DOW JONES NEWSWIRES
September 11, 2008 6:06 p.m.
WASHINGTON (Dow Jones)--The U.S. Energy Department said Thursday that it would deliver 380,000 more barrels of oil from the nation's emergency stockpile to deal with supply disruptions related to Hurricane Gustav.
The government said that it would deliver 130,000 barrels Thursday to Placid Oil's Port Allen refiner along a Shell pipeline in Louisiana. It also said that it would deliver an additional 250,000 barrels of oil to Marathon Oil Corp. (MRO) Midwest refiners, just days after a delivery of 250,000 barrels to Marathon refiners located in the Midwest, in Robinson, Ill., and Catlettsburg, Ky.
"The oil was requested by Marathon and Placid because of disruptions in supply caused by Hurricane Gustav," DOE spokesman Andrew Beck said in a statement. |
WSJ
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