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Oil

Will Trump's plan to fill the SPR be enough of a lifeline for US producers?

Commodities | Agriculture | Grains | Energy | Electric Power | LNG | Natural Gas | Oil | Crude Oil | Metals | Coronavirus

Market Movers Americas, June 29-July 3: Rig count rises, but pandemic continues to pressure US commodities

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Natural Gas

US EIA trims gas production forecasts once again on lower prices, curtailments

Listen: Will Trump's plan to fill the SPR be enough of a lifeline for US producers?

US Energy Secretary Dan Brouillette joined Capitol Crude hours after his department announced it was seeking an initial 30 million barrels of US crude oil to store in the country's emergency stockpile.

This is part of President Donald Trump's pledge to fill the Strategic Petroleum Reserve "right up to the top."

It's being seen as an economic stimulus for US oil producers who are getting hammered by historic low prices caused by plummeting coronavirus demand and breakdown of OPEC+ supply cooperation.

The Energy Department said it plans to solicit another 47 million barrels of US crude for the SPR, but it needs Congress to approve the funding.

We spoke with Secretary Brouillette about how this attempt to help US oil producers will work. We asked him about the fate of US production and exports and where he ultimately sees global oil demand bottoming out.

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