Jawboning Oil Prices works until it wontSaudi's do it all the time and usually the effect is only a few days.
Maybe the most bullish thing I have read recently is that Russia's oil exports are where they were in February. So where are the new barrels when the conflict ends?
Oil was gonna hit $120 without the Ukraine conflict. A lot of things need to change for the oil market to go back down to $80 or $90.
Not only is the US burning the SPR Europe is doing the same.
There is still a massive deficit in the oil markets. How much of the price destruction today was the US Government releasing oil? They cannot do it forever.