They want fuel in the tank for Next ElectionThey stopped SPR draw because its recless for energy security and pun intended they want fuel in the tank for 2024 election.
If oil demand is so terrible, I am scratching me head. Russia supply never stopped it actually increased 2%.
SPR around the world had drawdown.
This all occour on closed Asia, with China and Japan leading. Depressed air flights, increased interest rates etc.
Now crude building this time of year is not new, its winter people drive less. They fly more for the holidays but a snow storm cancel 1000's of flights. So far the market is agreeing this is short term noise because crude price stayed up despite these builds. Lets see where we go spring and summer 2023.