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September 8th - The Exploration Company GmbH has raised $450 million to advance the development of Europes first reusable spacecraft and a new rocket engine, which the company says will be the regions largest rocket engine, making it a competitor to SpaceX. CEO Helen Hubie stated in an interview that the majority of the funding will go towards the Storm methane-oxygen engine, intended as Europes next-generation heavy-lift launch vehicle. She said the funding will enable the company to test Storm from the end of this year to 2028. The engine has been under development for three years. Hubie stated, "My strategy right now is to focus on the rocket engine because without the engine there is no rocket. Thats the most difficult and time-consuming part."British Foreign Secretary: Fully implementing the "two-state solution" is the guiding principle of this governments policy.Futures Market Summary | Tuesday, September 8th, CCTV News Highlights: 1. my countrys new service trade pattern is rapidly taking shape. 2. Li Qiang chaired the 21st thematic study session of the State Council. 3. Ding Xuexiang emphasized at the National Textbook Work Conference the need to accelerate the construction of a high-quality textbook system with Chinese characteristics, focusing on the fundamental task of cultivating morality and talent. 4. Han Zheng attended and addressed the opening ceremony of the 26th China International Fair for Investment and Trade. 5. my countrys foreign trade grew by 17.6% year-on-year in the first eight months, continuing its rapid growth trend. 6. Themed interviews, "Continuing the Long March Spirit and Striving for Rejuvenation—Reporters Retracing the Long March," were launched. 7. The 2026 China International Fair for Trade in Services (CIFTIS) will open tomorrow; all preparations are complete. 8. Investing in China. 9. Wang Xiangxi, former Party Secretary and Minister of the Ministry of Emergency Management, was expelled from the Party and dismissed from public office for serious violations of discipline and law. 10. The prosperity level of Chinas bulk commodity market improved in August. 11. The RMB Cross-border Payment System signed agreements with 11 foreign institutions. 12. my country standardizes payment terms management for automobile suppliers. 13. Three departments deploy measures to crack down on illegal activities such as forging preferential treatment certificates. 14. my countrys number of valid domestic invention patents reaches 5.667 million. 15. The State Administration for Market Regulation fully launches the "Reassuring Consumption" cultivation program. 16. my country launches a special campaign to expand insurance coverage for flexible employment personnel and other groups. 17. The "Green Bohai 2026" joint patrol and enforcement operation is launched today. 18. The Zhujiashan Tunnel of the Xian-Chongqing High-Speed Railway is completed today. 19. The Haidong Tunnel of the Yunnan Central Water Diversion Project is completed today. 20. The first phase of the Aoqin International Education (University) City is officially opened. 21. Canadas retaliatory tariffs against the United States officially take effect today. 22. Russia announces large-scale attacks on the Ukrainian capital and other areas. 23. The Houthi rebels in Yemen claim to have attacked multiple targets in Saudi Arabia. 24. Iran says it will retaliate if its energy assets are attacked by the United States. 25. Russia announces the closure of the German Consulate General in St. Petersburg and other institutions.European Commission President Ursula von der Leyen: The next tranche of €3.2 billion will help Ukraine better protect its airspace from Russian attacks.September 8th - US Treasury yields rose due to rising oil prices and increased likelihood of an interest rate hike next week following better-than-expected jobs data last week. Analysts at Danske Bank stated in a report that even without anticipating a rate hike next week, they believe the current pricing (with a near-equal probability of a rate hike and no change) is reasonable. However, Danske Bank still expects the Federal Reserve to raise rates twice, in December and March. Meanwhile, the US dollar weakened against a basket of currencies due to further strengthening of the yen.

The U.S. Strategic Petroleum Reserve Has Fallen to Its Lowest Point Since 1987

Charlie Brooks

May 17, 2022 09:50

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The volume of crude oil in the U.S. Strategic Petroleum Reserve (SPR) decreased by 5 million barrels during the week ending May 13.


Stockpiles from 1987, to 538 million barrels in the Strategic Petroleum Reserve (SPR).


According to the data, approximately 3.9 million barrels of sour oil and 1.1 million barrels of sweet crude were discharged onto the market.


President Joe Biden announced in March the largest release ever from the U.S. emergency oil reserve, 1 million barrels per day (bpd) of crude oil for six months, in an effort to reduce gasoline prices that had skyrocketed due to Russia's invasion of Ukraine.


Prior to that, the United States had agreed to release 30 million barrels of SPR oil in March and 50 million barrels from SPR in November.


The price of a barrel of crude oil in the United States has increased by over 25 percent to nearly $114 due to market concerns about a supply shortage. This week, retail gasoline and diesel prices reached all-time highs as fuel demand returned to pre-pandemic levels and refining capacity fell.


The 180 million-barrel discharge was the third time in the previous six months that the United States had tapped the Strategic Petroleum Reserve.


Winners of the most recent SPR auction were Valero Energy Corp (NYSE:VLO), Motiva, Exxon Mobil (NYSE:XOM), Shell (LON:RDSa), Phillips, and Marathon Petroleum Corp. (NYSE:MPC).


According to U.S. Customs data, ship tracking, and an industry source, at least three vessels carrying crude oil from U.S. emergency stocks set sail for Europe in April as European refiners rushed to replace Russian crude supplies.