Maybe Biden is planning on a weekly SPR release of 50 million. That would sure stifle the rally. So much for drawdowns on the EIA, nothing but builds coming.
Heard something of the sort on oil whisperer. Imagine if China, England, India and Japan start doing the same every week, wow! Talk about an epic downturn
I feel these releases are just getting started and the oil salt mines will continually be drawn and quickly replenished. This scenario could send oil into a mighty tailspin. Biden is desperate to save his poiltical career and I feel the floodgates will open soon with multiple SPR action week after week starting now.
OPEC hasn't reacted to the 50 million. That is a mistake and it will be too late to win the price war with the world's largest oil producer, the USA.