Oil From Biden’s Emergency SPR Release Is Heading For Europe

Joe Biden’s decision to release 180 million barrels of oil from the US Strategic Petroleum Reserve – one million barrels per day for 180 days, ending just before the midterm elections which the Democrats will lose in an avalanche – was meant to help lower US gasoline prices “because Putin price hike.” Instead, it is heading for Europe.

According to Bloomberg, citing a person familiar with the matter, the Suezmax ship Advantage Spring – sailing for Rotterdam, according to ship-tracking data compiled by Bloomberg – received emergency SPR sweet crude from Energy Transfer’s Nederland oil facility around April 1 for export.

The Suezmax also received SPR crude from Aframax Eagle Hatteras, which loaded at same terminal in first week of April.

The Advantage Spring was chartered by Atlantic Trading, an affiliate of Total, ship fixtures data show.  – READ MORE