US awards 30 million-barrel contract from Strategic Petroleum Reserve (NYSE: VLO)

Oil and gas industrial park, Refinery equipment, Close-up of industrial pipelines of oil refineries, Details of oil pipelines with valves in large oil refineries.

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Valero’s (NYSE:VLO) transaction division is biggest buyer of crude oil in The second sale from the US Strategic Petroleum Reserve, part of the Biden administration’s efforts to combat rising energy prices following Russia’s invasion of Ukraine.

The Department of Energy said on Thursday it had awarded 12 contracts for 30 million barrels of SPR oil that had been marked for delivery between May and July, and it plans to supply an additional 40 million barrels of SPR crude on March 1. May 24 for delivery in June and July.

In addition to the 6.85 million barrels given to Valero, Other successful bidders include 4.05 million barrels for Motiva Enterprises, 3.6 million barrels for Exxon Mobil (XOM), 2.75M to shell (SHELF), 2.6 million to Glencore (OTCPK: GLCNF) (OTCPK: GLNCY), 2.5M to Phillips 66 (PSX) and 2.4 million to Marathon Petroleum (MPC).

Crude oil prices have mostly held above $100 a barrel since the war in Ukraine began even though the US and other countries have released emergency stockpiles.

Looking for Alpha Head of Quantitative Strategy Steven Cress Recently Exploited Valero (VLO) as one of his top five S&P 500 stocks to buy right now.

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