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Crude Sheds $0.50/bbl On SPR Headlines

COMMODITIES
  • Bloomberg report that the US is now poised to release oil from reserves alongside other nations, with an SPR announcement potentially coming as early as tomorrow.
  • WTI crude futures shed around $0.50/bbl on that headline - not entirely unexpected (we'd heard similar from Japan, India already today and over the weekend) but still marks a significant moment in Biden's response to inflation.
  • Some more details in the story over the numbers: "plans could change but the U.S. is considering a release of more than 35 million barrels over time, according to one of the people."
  • Current size of the SPR is approx 605mln bbls.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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