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Oil Drops as White House Announces Larger-Than-Expected Reserves Release

COMMODITIES
  • WTI and Brent crude futures break to new session lows as the White House announces a formal release from the US Strategic Petroleum Reserve in a coordinated move with other OECD nations.
  • The White House announces a 50mln barrel release from the SPR - a larger total than expected, with markets eyeing a 35mln barrel total.
  • The breakdown of the reserve release is 18mln bbls as part of an acceleration of a sale of oil that Congress had previously authorized and 32mln barrels via an effective swap arrangement: "releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead."
  • The White House confirm that China, India, Japan, South Korea and the UK will make separate announcements.
  • WTI crude futures slip to touch $75.28/bbl - a new session low - before stabilising.
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