Crude Tumbles As BBG Sources Flag Potential Sizable U.S. SPR Release

Oil futures tumble as a BBG source report notes that “the Biden administration is weighing a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter. The total release may be as much as 180 million barrels, the people said.” The announcement may come as soon as Thursday, with Biden set to make an address re: fuel prices. Note that earlier RTRS source reports suggested that “the Biden administration is considering temporarily removing restrictions on summer sales of higher-ethanol gasoline as a way to lower fuel costs for U.S. consumers.” WTI futures have printed below $103 as a result.