🔥Energy News｜The U.S. will release up to 40 million barrels of SPR strategic petroleum reserves to suppress oil prices, with fuel prices continuing to surge. Ahead of the midterm elections, the Trump administration is releasing crude from the reserves.
This time it uses a swap arrangement: crude oil will be delivered for November–December, and companies will later return the crude oil; it is the final batch of the 172 million-barrel coordinated release plan by the IEA.
Bearish in the short term for crude, weighing on inflation expectations; however, SPR inventories are already at multi-decade lows, leaving limited room for continued large-scale releases afterward.
$CL
This time it uses a swap arrangement: crude oil will be delivered for November–December, and companies will later return the crude oil; it is the final batch of the 172 million-barrel coordinated release plan by the IEA.
Bearish in the short term for crude, weighing on inflation expectations; however, SPR inventories are already at multi-decade lows, leaving limited room for continued large-scale releases afterward.
$CL
