SPR 4 week average releases holding steady since AprilCurrent SPR Releases= ELEPHANT IN ROOM!
I should think the " non-political part of the plan" was to release the SPR while production caught up to demand and balanced it by November.
That ain't happening. Current 4 week average (Sept 16) is 6.46 million bbls per week or 992 thousand bbls per day..
The SPR releases end in about 8 weeks from now.
How does the North American oil market make up about a million bbls loss of supply in mid-November?
Sometimes I am pretty dumb though to me it stands to reason that come mid-November there is going to be a massive hole in WTI supply? 8 weeks from now.
I just don't understand why the market isn't yet reflecting this? I mean there are also a lot of deficits in storage compared to normal five year averages and little spare capacity.