Oil news and market movers: US Strategic Reserves well equipped
- The US Energy Department already bought 26.28 million barrels this year for its Strategic Oil Reserves and is, for now, only looking to buy another 3 million barrels by September. This could point to tepid demand expectations for the coming months.
- BP Plc. is set to reduce the crude production at its German refineries in 2025. The main reason is the falling demand in the region.
- The Energy Information Administration (EIA) released on Wednesday its recent stockpile numbers, with Crude inventories printing another build by 1.37 million barrels.
- Several tanker companies are reporting substantially more bookings from China. The tankers are carrying crude from the Persian Gulf. The move coincides with the pickup in leisure and travelling by plane in China and Asia overall.
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