After Yesterday, Not On My BIngo Card Today -- Futures Surge -- WTI Trending Back Toward $80 -- June 12, 2024

Locator: 47819B. 

Inflation numbers today, link here:

The market's response:

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Back to the Bakken

WTI: $79.08.

Thursday, June 13, 2024: 61 for the month; 125 for the quarter, 324 for the year
40313, conf, Empire North Dakota, Woodpecker 29-11 1H,
40091, conf, Whiting, Sanish Bay W 5293 34-1 3T,

Wednesday, June 12, 2024: 59 for the month; 123 for the quarter, 322 for the year
None.

RBN Energy: US to shut northeast gasoline reserve after ten years, but will it be missed? Archived. The very final sentence of the article at the link answers that question. Spoiler alert: no.

The March appropriations bill passed by Congress and signed by President Biden to fund the federal government mandated the emptying of the federal gasoline reserve in fiscal year 2024, which concludes September 30, followed by its eventual closure. 

That means about 1 MMbbl — 42 MM gallons — of gasoline will find its way to the market in the next few months, or in as little as a few weeks. 

The Department of Energy (DOE) is planning to distribute those barrels by the end of June to help keep a lid on gasoline prices ahead of the July 4 holiday and into the heart of the summer driving season. In today’s RBN blog, we look at the decision to close the reserve and the potential impact of those barrels hitting the market.