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Valero’s (NYSE:VLO) buying and selling division was the most important purchaser of crude oil in the second sale from the U.S. Strategic Petroleum Reserve that was a part of the Biden administration’s try and fight rising power costs after Russia invaded Ukraine.
The Division of Vitality mentioned Thursday it awarded 12 contracts for 30M barrels of oil from the SPR that had been marked for Might-July supply, and it plans to supply one other 40M barrels of SPR crude Might 24 for supply in June and July.
Along with the 6.85M barrels awarded to Valero, different profitable bidders included 4.05M barrels to Motiva Enterprises, 3.6M to Exxon Mobil (XOM), 2.75M to Shell (SHEL), 2.6M to Glencore (OTCPK:GLCNF) (OTCPK:GLNCY), 2.5M to Phillips 66 (PSX) and a couple of.4M to Marathon Petroleum (MPC).
Benchmark crude costs have stayed largely above $100/bbl for the reason that struggle in Ukraine began regardless of emergency inventory releases by the U.S. and different international locations.
Searching for Alpha head of quantitative methods Steven Cress lately tapped Valero (VLO) as considered one of his high 5 S&P 500 shares to purchase now.
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