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Who’s Buying Oil?
Contrarian Profits (September 30th, 2009) Writes:
As the US strategic petroleum reserve (SPR) approaches capacity (721.5 million barrels filled out of a total possible 727 million, and will be filled by January 2010), the federal government will fade out of the oil-buying business. Some bearish traders believe that this factor can weigh in on prices, since most petroleum stocks in the United States are government-held rather than private. Bullish traders have also used the filling of the Chinese SPR as a reason that oil should go much higher.
The team at Casey’s Energy Opportunities believe that planned government buying or selling of crude oil for SPRs actually have very little impact in the overall market. However, an overall drawdown of worldwide inventory could put downward pressure on the price of oil. The various countries also have their particular reasons and influences in decisions to tap their reserves.
So which countries are executing preparedness plans to fill their strategic
...America, Brazil, Canada, China, Chinese Government, conocophillips, contrarian profits, crude oil, Energy Security, Europe, exxonmobil, Federal Government, federal law;, foreign oil, France, Germany, gulf of mexico, India, Investing Lessons, Italy, Japan, Japanese Government, Korea, Marin Katusa;, Market Commentary, Metals National Corporation, Missouri, North Korea, Oil, Oil Embargo, Oil Prices, oil purchases, oil reserves, oil-buying, Pascagoula River, Richton, Russia, Saudi Arabia, south korea, the BP Statistical Review, U.S. Energy Information Administration, United States, United States government, USD
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