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Bidders For 30 Million Barrels Of Strategic Petroleum Reserve Disclosed; JP Morgan Requests $158 Million In Crude

Tyler Durden's picture




 

As was previously disclosed, as part of the SPR's auctioning off of 30 million barrels of light sweet crude, bids for a total of 30.64 million barrels of oil at an average bid of $107.20/barrell were submitted by various parties. The only thing unknown was the identity of the parties, which however has now been all cleared up following the release of the complete bid list from the DOE. Probably the most notable (if not completely expected) discovery is that JPM, that FDIC-insured depositor bank, has requested 1.5 million barrels at a price of $105.33 for a total of $158 million. We wonder just what JPM plans on doing with this crude, which as predicted, will be transported by vessel, and offloaded at such time as JPM sees fit, probably well after the product is trading at a substantial premium to the purchase price. Other potential buyers include Valero, Vitol, Shell, Conoco, Plains and various other E&P companies. Ironically, JPM wants more crude than Sunoco and Tesoro: so next time one tries to gas up their car, we suggest looking for the JP Morgan gas station. But by far the most important news is that 80% of the bid are based on a vessel-based distribution, meaning it will be weeks if not months before the SPR disposed crude finally makes it into circulation, if at all, and has an actual supply-side benefit. Complete bid list is attached.

SPR Bidders

h/t Wes

 

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Wed, 07/06/2011 - 18:49 | 1431125 Caviar Emptor
Caviar Emptor's picture

Hey, they ain't stupid: They need the oil for private jets and air conditioning. Oh and for the secret survival shelter/panic room under the desert for top brass to use after the revolution breaks out. 

Wed, 07/06/2011 - 19:07 | 1431168 Miss Expectations
Miss Expectations's picture

Check out this Ozark 'retreat'

http://ccheadliner.com/news/article_fca0c66e-1db0-11e0-93d8-001cc4c03286...

If you're in a Google mood...you might want to check out what Overwatch Systems is up to.

The property’s deed says the Steven T. Huff Family, LCC is located in Leesburg, Va. Available online records of political campaign contributions show a Steven T. Huff of Leesburg to be an engineer and chief technology officer of Overwatch Systems, Ltd. According to the Overwatch website, the company “delivers multi-source intelligence (multi-INT), geospatial analysis and custom intelligence solutions to the Department of Defense, national agencies and civilian organizations. ... More than 25,000 analysts in the U.S. Department of Defense and the larger intelligence community utilize Overwatch solutions.”

Wed, 07/06/2011 - 20:15 | 1431324 Caviar Emptor
Caviar Emptor's picture

Can you say military-industrial complex?

Wed, 07/06/2011 - 20:55 | 1431399 macholatte
macholatte's picture

can you say kleptocracy?

William Daley, President Barack Obama’s chief of staff and former banking executive at JPMorgan Chase & Co. (JPM), .......

 

http://www.bloomberg.com/news/2011-03-24/daley-obama-chief-of-staff-won-t-play-role-in-consumer-search.html

 

 

Wed, 07/06/2011 - 21:17 | 1431431 Cursive
Cursive's picture

But by far the most important news is that 80% of the bid are based on a vessel-based distribution, meaning it will be weeks if not months before the SPR disposed crude finally makes it into circulation, if at all, and has an actual supply-side benefit.

can you say kleptocracy? ~ macholatte

Yes, very criminal, but I guess not enough care.  Seems we have peak apathy.

Wed, 07/06/2011 - 21:31 | 1431452 Manthong
Manthong's picture

Can you say Vaseline?

1.5M barrels should refine enough petroleum jelly for at least a dab for each American.

Thu, 07/07/2011 - 07:43 | 1431952 Bartanist
Bartanist's picture

A house built by robbing the taxpayers.

Kleptocracy, indeed.

Wed, 07/06/2011 - 19:11 | 1431178 nope-1004
nope-1004's picture

They need oil for their new ETF they're going to start up, symbol GBW, which is short for Greasy Bankster Whores.

Then, they'll be able to front run every trade, manipulate futures, claim 'adequate' storage relative to the inflated ETF price, go net short periodically then bash down price on Christmas Eve (gotta get rid of the evil speculators, ya know).

JPM is a friggin' farce.  One day supply of oil 'flooding' the market is too.  Complete desperation on behalf of the Incompetent in Chief.

 

Wed, 07/06/2011 - 20:47 | 1431385 Raynja
Raynja's picture

so the prices appeared to average around $106bbl, is that indicitive that the exchanges are manipul;ated and that is the real cost of a barrel of wti or that the price is going to rise past there soon and make this an arbitrage opportunity for tbtf?

Wed, 07/06/2011 - 22:55 | 1431594 pavman
pavman's picture

I think that's just the Brent price.  A bit ironic if you ask me, but perhaps the gubment doesn't know that Brent != WTI.  Its not hard to see that the premium for Brent is due to the North Sea.  Seems like GS and JPM might be shorting (or considering it) and want to get a physical hedge up.  Who knows.  People who buy oil and gold at these prices are probably suckers (Mexico, China.... etc).  Or the inflation to come once the RHINO gets elected next yar will destroy our currency's value when they don't raise taxes and fail to cut substantial spending.

On the bright side...at least BarryO is slick enough to approve (dare I say co-wrote) in the stimulus legislation that now he's condeming as if its some Republcian tax break for the rich thing.  Politically brilliant, but a bit disgusting none-the-less.

Wed, 07/06/2011 - 23:55 | 1431679 trav7777
trav7777's picture

this stuff they're selling is the high-yield, lightsweet crude.  It's flat out worth more

Wed, 07/06/2011 - 20:38 | 1431373 Clinteastwood
Clinteastwood's picture

Soros:  Hey Obama, looks like you're in dire straits and will need about $100 Billion to win your campaign.  That's no problem but how about releasing a bunch of the strategic petroleum reserve so we can short the market?  We should be able to recover that amount with enough futures.  We'll send you what you need.  The price of oil will go back up in a few days.  Tell Jamie about it a little later--he'll still be able to make a killing when the price goes back up in a few days.  It will hardly even affect the real market for oil products, and you can claim you're doing everything possible to get the price of gas down.

 

Obama:  Duhhh,  yeah that's it, yeah, yeah, yeah that's it, yeah...

Wed, 07/06/2011 - 18:54 | 1431134 Dre4dwolf
Dre4dwolf's picture

So the mega rich got the govt to dump our strategic emergency oil reserves on the market for almost free.

Then they bought it all up and made the price jump back up.

And now they are going to sell us our own oil at a premium?

Wed, 07/06/2011 - 19:36 | 1431180 GoinFawr
GoinFawr's picture

Hey lighten up, Canadians have been doing that to themselves for decades.

Wed, 07/06/2011 - 19:14 | 1431186 cosmictrainwreck
cosmictrainwreck's picture

I think you're getting the hang of this....... send resume to Jamie

Thu, 07/07/2011 - 01:06 | 1431753 unununium
unununium's picture

Come on, it's not as if the treasury secretary met with the mega rich and orchestrated a cash transfer to their counterparty, so CDS could be paid off.

Wed, 07/06/2011 - 18:59 | 1431137 Rodent Freikorps
Rodent Freikorps's picture

I get the feeling that this is the beginning of the sell-off of assets of USA Inc.

They do own about 90% of the Western states. I'd hate to be Arizona and New Mexico when Carlos Slim offers a billion for Tucson, and neighboring areas. A reverse Gadsden Purchase.

The funny part would be if the Feds told the locals, "Hey, bitches, y'all want to be Mexicans, have we got a deal for you."

Wed, 07/06/2011 - 19:00 | 1431151 youALREADYknow
youALREADYknow's picture

There are only two ways out of the current scenario and those are hyperinflation and liquidation. The U.S. is staring a margin call in the face by the end of the decade.

 

Wed, 07/06/2011 - 20:32 | 1431361 I think I need ...
I think I need to buy a gun's picture

i think they will dump all the extra money into gold avoiding hyperinflation but inflation will be enough to kill everyone enough

Thu, 07/07/2011 - 00:46 | 1431199 GoinFawr
GoinFawr's picture

"I get the feeling that this is the beginning of the sell-off of assets of USA Inc."

You have a problem with that pinko? And I thought you called yourself a 'capitalist'...

(Heh, you gotta marvel at the magnitude of doublethink Americans can carry around in their coconuts without even breaking a sweat)

Hmmm, I see that some self-styled 'capitalists' are at a loss for words, yet feeling 'junky'.

'Junk-capitalists'

Wed, 07/06/2011 - 19:42 | 1431259 Shameful
Shameful's picture

Really would you?  If it's gone that far I think I would rather take my chances and learn Spanish rather than learn Newspeak in the reeducation center.

Also there is some talk of UT using eminent domain on the Feds land holdings.  That happens and all manner of "fun" will happen in the Western States.

But don't worry, there will be many tells before hand.  The real fun won't start till after the 401ks and pensions are seized by Uncle Sugar.

Wed, 07/06/2011 - 20:34 | 1431366 Diogenes
Diogenes's picture

The beginning ha ha ha the beginning of the end maybe. They have been selling off whole factories  equipment and industries since the 6Os. Why not oil reserves.

Wed, 07/06/2011 - 18:56 | 1431138 camoes
camoes's picture

So the US Govt is subsidizing cheap oil to a subsidized US TBTF bank so that they can make some risk-free storage yield on it...

This is so wrong it's not even funny anymore...

Wed, 07/06/2011 - 19:10 | 1431176 rocker
rocker's picture

The best one can hope for is as soon as the price escalates again they announce another round to sell off without disclosing the actual amount. Kind of funny how none of the airlines took any as a hedge. What do they know? 

Wed, 07/06/2011 - 20:42 | 1431377 camoes
camoes's picture

even worse, since IEA has to replenish the "strategic" reserves at some point, guess who will be selling them back??? Even better, we will find out that the barrels that were sold to JP Morgue never left IEA, so they didn't have to spend with transportation, everyone wins!!! Next: Fort Knox gold!

They're genius! QUANTITATIVE STRATEGIC RESERVES EASING

 

Thu, 07/07/2011 - 17:59 | 1434309 swissinv
swissinv's picture

+100!

Wed, 07/06/2011 - 19:57 | 1431290 oogs66
oogs66's picture

The government hates speculators but not jpm? Why not make it open only to oil companies? Truly messed up

Wed, 07/06/2011 - 18:56 | 1431139 medicalstudent
medicalstudent's picture

jpm took delivery on a million tons of sugar.

 

http://investmentwatchblog.com/jp-morgan-accepts-delivery-of-952938-tons...

 

jpm is a curse, full of blight.

Wed, 07/06/2011 - 19:23 | 1431211 caerus
caerus's picture

sweet...

Wed, 07/06/2011 - 19:30 | 1431223 kito
kito's picture

wait, before i continue to fume here, is it possible jp morgan took delivery of oil on behalf of a client?

Wed, 07/06/2011 - 20:16 | 1431319 tom a taxpayer
tom a taxpayer's picture

Perhaps. But it could also be that JPM is returning to the banking days of yesteryear, when banks offered toasters to new customers. JPM could be planning to offer each new customer a barrel of crude. And if the customer will open a $1 million savings account account paying -.01% interest (compounded daily!), JPM will refine the barrel of crude into high-octane no-knock gasoline. Or, to stretch the crude, JPM may offer each new customer a pint of lubricating oil. 

Thu, 07/07/2011 - 00:36 | 1431728 Freewheelin Franklin
Freewheelin Franklin's picture

I LOL'd

Thu, 07/07/2011 - 01:08 | 1431754 unununium
unununium's picture

I see your education is coming along, Kito.  Welcome to the truth.

Wed, 07/06/2011 - 19:50 | 1431274 Caviar Emptor
Caviar Emptor's picture

Yup. Now they can work on Congress putting tariffs on sugar imports. That would cover the Xmas retreat on St Bart's

Wed, 07/06/2011 - 18:56 | 1431141 youALREADYknow
youALREADYknow's picture

Only a matter of time before the "Strategic Gold Reserve" is handed over to entities such as JPM and Goldman at artificially low prices under the guise of aiding the so-called recovery.

Wed, 07/06/2011 - 19:30 | 1431224 Printfaster
Printfaster's picture

I thought Clinton has already done that back in the 90s. 

Ever wonder why the price of gold never went anywhere in the 90s?

Wed, 07/06/2011 - 21:13 | 1431424 Bay of Pigs
Bay of Pigs's picture

Yes, that is correct. Between Greenspan, Rubin and Summers, the US gold horde was put into play back then to keep gold and inflation low, and the "strong dollar" mantra looking totally legit. They made boatloads of money selling, leasing and swapping the gold and then piling into higher yielding instruments.

JPM was front and center in all of that, and the other bullion banks as well.

Wed, 07/06/2011 - 19:51 | 1431277 Caviar Emptor
Caviar Emptor's picture

We know JPM is acting as custodian for at least a portion of that

Wed, 07/06/2011 - 18:57 | 1431142 Freewheelin Franklin
Freewheelin Franklin's picture

So...where exactly is Blythe's secret refinery located?

Wed, 07/06/2011 - 20:39 | 1431374 Ahmeexnal
Ahmeexnal's picture

Intestinum crassum

Wed, 07/06/2011 - 18:57 | 1431144 buzzsaw99
buzzsaw99's picture

JPM is adept at the Con-Tango.

Wed, 07/06/2011 - 19:00 | 1431148 dollarmite
dollarmite's picture

So is the JP Morgue one of those oil speculators that Obama is going to clamp down on?

Wed, 07/06/2011 - 19:06 | 1431161 swissinv
swissinv's picture

getting back the strategic oil reserves

Wed, 07/06/2011 - 19:08 | 1431164 hambone
hambone's picture

Funny but I've a funny feeling a fair amount of this oil could end up in Europe or Latin / S. America...once in the tanker simply looking for highest bidder?

Wed, 07/06/2011 - 22:24 | 1431475 delacroix
delacroix's picture

I have a funny feeling, some of this oil will be delivered, in lieu of precious metals, when delivery is not possible. what else is there, with real current value?  is this what they mean, by (asset stripping)? I miss the days, when they would at least wrap their shit sandwich, in bread.

Wed, 07/06/2011 - 19:09 | 1431173 Missiondweller
Missiondweller's picture

Unbeleivable. I'm just stunned. And how stupid is the administration that they're allowing non-refiners to bid and speculate with taxpayer puchased oil?

Wed, 07/06/2011 - 19:13 | 1431184 kito
kito's picture

are you kidding me!!!! this literally makes my stomach turn. tyler, isnt there anyway you can feed this story to any other large exposure blog???? this info must get out there!!!

Wed, 07/06/2011 - 19:13 | 1431185 PulauHantu29
PulauHantu29's picture

LMAO!

People love to Bash oil and gas companies......LOL....they need to look at GS and JPM....well, I mean look at them as they bend over with a tube of KY b/c they will need it.

Wed, 07/06/2011 - 19:18 | 1431195 Ab80
Ab80's picture

Can you guys please stop referencing how right you are, i read ZH every day, its unnecessary to cite your predictions coming true. Unless youre making money on it, its irrelevant. 

Wed, 07/06/2011 - 19:25 | 1431214 Hansel
Hansel's picture

It will be pretty hard to turn a profit by paying $10 over market for the oil.  They will need to hoard it until the price gets back up.  And don't expect gas prices to go down any more if a bulk sale brought bidders willing to pay $10 over spot.

Wed, 07/06/2011 - 19:34 | 1431238 buzzsaw99
buzzsaw99's picture

Do you really doubt that they sold the contract before the spr sale?

Wed, 07/06/2011 - 19:39 | 1431250 youALREADYknow
youALREADYknow's picture

Spot prices in the real world are based on Gulf and Brent crudes. Those are currently trading around $112-115 per barrel. The only thing between these "investors" and profit is the cost of transport and I have a feeling that aspect will be subsidized by the government.

Wed, 07/06/2011 - 20:00 | 1431294 oogs66
oogs66's picture

The transport costs probably make it CHEAP !!

Wed, 07/06/2011 - 19:38 | 1431251 caerus
caerus's picture

IMHO this tells me long oil in long term. Anyone can look up supply demand data online...iea eia believe who u want. We are running out. I just got finished explaining to my non trading friends here in tx why the eagle ford shale ain't so great...so eog says they can get 900,000 bbl in a decade...so what...etc.etc.. As Jim Rogers says "where is the oil? Show me the oil!". In the meantime tho watch out for politicians trying to pacify the sheep. K done.

Wed, 07/06/2011 - 19:40 | 1431254 kito
kito's picture

bullish USO for sure.....

Wed, 07/06/2011 - 19:49 | 1431271 caerus
caerus's picture

Bullish beer in the very short term...like now...

Wed, 07/06/2011 - 19:55 | 1431288 MrBinkeyWhat
MrBinkeyWhat's picture

Bullish Vodka...like now...;-)

Wed, 07/06/2011 - 20:05 | 1431308 caerus
caerus's picture

sweet...

Wed, 07/06/2011 - 21:12 | 1431423 dcb
dcb's picture

for spread and trading it's better to be with uco, and sco. the leveraged funds. I consider it a bullish sign, the fact that oil came down to very near the trned line from sept also bullish. I like the fact that most of the Qe effect has been lost before end of program.

Wed, 07/06/2011 - 22:49 | 1431582 kito
kito's picture

ill stick with uso. for spread i prefer blueberry jam, usually on whole wheat

Wed, 07/06/2011 - 19:41 | 1431256 r101958
r101958's picture

The real current price for oil is the Brent price.

Wed, 07/06/2011 - 19:48 | 1431270 MrBinkeyWhat
MrBinkeyWhat's picture

/sarc on:
Who could have imagined that a bankster/rapist would want some gummint purchased oil, to be delivered at some future time. Lord Dimion must just want some extra for his personal stash. If I was him, I would. You?

If hypocracy was liquid we would all be breathing through straws.
/sarc off: Spell Checker Down NOOOOO!

Wed, 07/06/2011 - 19:50 | 1431272 cheesewizz
cheesewizz's picture

 So mo money for the people that need it the least, What a phucking joke. Millions for the top and  .30 cents off an already inflated fuel by the same pukes.

 I really like your blog ZH, but you bring me down with this shit. starting right now I don't give a rats ass any more what the hell goes on past my little shitty world.

Wed, 07/06/2011 - 19:52 | 1431279 Caviar Emptor
Caviar Emptor's picture

At your own risk, bro. At your own risk

Wed, 07/06/2011 - 19:55 | 1431285 cosmictrainwreck
cosmictrainwreck's picture

So, at one point the "conventional wisdom" said SPR tap was to force price down (and hence gasoline), in a desperate attempt to buy votes. I've seen crude do nothing but UP since. What am I missing? Was the gambit to "prove" we have oil shortage.... to what end? Or - how stoopid am I? - nothing to do with anything at all, except making some rich fuckers richer?

Wed, 07/06/2011 - 20:12 | 1431320 Caviar Emptor
Caviar Emptor's picture

Just take the "we" out of the equation. There's an oil-industrial complex out there to protect. And people are clamoring for their tax subsidies to be cut (yes, we pay them our taxes so we can get taxed on oil again). And the rich fuckers? Their best buddies

Thu, 07/07/2011 - 03:01 | 1431847 Urban Redneck
Urban Redneck's picture

The problem is the oil-industrial complex and the TBTF banker complex have different MOs and often have conflicting goals, but they both rely on the corrupt politician complex to implement their schemes.

Wed, 07/06/2011 - 20:27 | 1431351 I think I need ...
I think I need to buy a gun's picture

i think we are all missing something....i don't think we know why the spr was tapped yet

Wed, 07/06/2011 - 19:55 | 1431286 DosZap
DosZap's picture

Seems JPM is trying to become the NWO commodities broker for the world.

Odd, for JUST a Bank.

Wed, 07/06/2011 - 20:00 | 1431295 Smartie37
Smartie37's picture

The HYPOCRISY of the anti-speculator stance by the "U.S. Gov't" is STAGGERING

Wed, 07/06/2011 - 20:20 | 1431339 tom a taxpayer
tom a taxpayer's picture

+1,000%

Wed, 07/06/2011 - 20:21 | 1431332 gookempucky
gookempucky's picture

dblepost

Wed, 07/06/2011 - 20:20 | 1431338 gookempucky
gookempucky's picture

They need the oil to grease the gears.

They will lighter it offshore...30 day floating storage about 3-400k....by then brent will be 125.....SOLD to the SPR....like magic.  The others will do the same.

Wed, 07/06/2011 - 20:32 | 1431362 hambone
hambone's picture

Genius

Wed, 07/06/2011 - 20:29 | 1431357 surfersd
surfersd's picture

$8 - $10 barrel in a flat price gain plus if we go into any kind of contango they can pick up the nickels and dimes any many dollars from that. JPM pulled a nice $15.0 mm thanks to Steven Chu on pointed head Berkeley Energy Secretary. It is tough to make this stuff up.

 

Wed, 07/06/2011 - 20:43 | 1431382 karzai_luver
karzai_luver's picture

and yet some "people" still believe that the gvt runs this freak show.

 

bwhhhhhhhahahahhaaaaaaaaaaaaaaaa

Wed, 07/06/2011 - 20:43 | 1431380 CrashisOptimistic
CrashisOptimistic's picture

A later thread addresses the imminent sharp decline of Russia's 10 mbpd.  Storing this stuff for a rainy day isn't going to work.  The rainy days will be decades.

Wed, 07/06/2011 - 20:47 | 1431386 user2011
user2011's picture

Simple, they need to use it for scorch earth policies.   JPM fucked the whole America.  And they are going to burn down all the foreclosured houses to claim insurances.

Wed, 07/06/2011 - 21:40 | 1431465 mayhem_korner
mayhem_korner's picture

Molotov cocktail...super-sized.  Destination...comex silver vault.  Then comes the insurance claim for 120M "lost" oz. 

Ha ha ha...sometimes the lunacy of this all just makes me laugh.

-in my sopwith camel

Wed, 07/06/2011 - 20:48 | 1431389 Sokhmate
Sokhmate's picture

I came across a jpm gas station.. the price was, for regular unleaded, $1.50 per paper gallon. Quite cheap.

Wed, 07/06/2011 - 21:34 | 1431457 mayhem_korner
mayhem_korner's picture

Apparently, newspaper taxis run knock-free on the stuff.

:D

Wed, 07/06/2011 - 21:00 | 1431403 Hubbs
Hubbs's picture

OK, so everyone is asking, WTF? How about a JPM big wig no longer wants'trusts his bonus to be paid in paper/certificates etc, and maybe he is not sure whether even PM have true value so he wants oil. Let's face it, food and energy are trumps. Monsanto et al have eluded MSM scrutiny, and thanks to food stamps, unemployment benefits morphing into welfare subsidies,  food supply has not hit the fan yet. Now energy, that's a different story. Forget all that BS about solar, ethanol, wind. Natural Gas is the Cu standard, coal is the silver standard. Oil is the gold standard. (And now you see why I hold a gas can on my avatar.)

Wed, 07/06/2011 - 21:19 | 1431436 treasurefish
treasurefish's picture

Somebody living in New York should drop a quart of oil on the floor of JPM's front lobby with a sign reading: "First delivery.  1.4999999999 million barrels to go."

Wed, 07/06/2011 - 21:36 | 1431461 mayhem_korner
mayhem_korner's picture

Take one down, pass it around...

+96.49

Wed, 07/06/2011 - 21:54 | 1431507 vast-dom
vast-dom's picture

sell at true target price of $112-124 per barrel. 

and given global conditions $124 is cheap.......

Wed, 07/06/2011 - 22:17 | 1431528 Captain Kurtz
Captain Kurtz's picture

I dont know what all the fuss is about, thats a start to plug the deficit.  Revenues people!!

Wed, 07/06/2011 - 22:35 | 1431555 Gary Busey
Gary Busey's picture

Would love to know how our elected representatives may have coincidentally and conveniently traded oil around the SPR announcement...

Oh wait...that's not even illegal...

Wed, 07/06/2011 - 22:48 | 1431575 wandstrasse
wandstrasse's picture

What else than SPR oil can a state offer for banker's trading bliss? The population? No, worthless. The military? Yes. I, for my part would trade a landmine & uranium ammo ETF with great pleasure. What else? Schools, kindergartens, hospitals and all that social stuff. This would be fun only with long positions, so the price for the users goes up.... it is hard to be sarcastic, when reality mostly is ahead of you..

Thu, 07/07/2011 - 00:34 | 1431724 curbyourrisk
curbyourrisk's picture

Could they buying to cover a short position???

Thu, 07/07/2011 - 08:52 | 1432054 jmcadg
jmcadg's picture

So JPM buy at $107 for WTI, current price $98 and rising. I'm I missing something or is there a huge arbitrage at play here for everyone?????

 

Thoughts?

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