Biden gonna distort WTI price till Nov 8 then slam SPR shut?A lot of people criticize Biden for using the SPR though as a political tool it has done it's work. I would expect that now until Election Day it's gonna flow and WTI price may continue to be suppressed.
Then what happens when an artificially suppressed market loses up to a million bbls per day? The current 4 week average SPR release is 900K / day!
Meanwhile total inventories for finished and unfinished products are lower than the average and last year? Even with 210 million bbls released? They still lost ground!
SPR release since January 1 = 190 million since October last year = 210 million. So the SPR was used last year too. To me that seems like a lot of oil to replace. And the releases are getting bigger as we close in on election - so whatever. That’s the evidence. Make your own conclusions.
I got a lot of this info from @HFI_research - he has a good take and helps me understand.
https://hfir.substack.com/p/this-can-only-mean-one-thing-for