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The US Strategic Petroleum Reserve (SPR) was not designed to turn a profit. It was established after the first oil shock of 1973-74 to protect the US economy from disruptions in oil supplies. But over the past couple of years, it has enabled some profitable speculation on the part of the US government. Oil from the SPR was sold at an average price of US$95 ...
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Singapore-based oil and commodities trading powerhouse Trafigura Group has posted the smallest profit since the 2020 oil crisis as volatility in energy markets hit new lows. Trafigura’s net profit dropped to $1.47 billion in the six months through March, good for a 73% decline from a record $5.5 billion posted a year earlier. The company’s revenue fell 5.4% ...