RE:SPR Release or OPEC+ Increase or Nothing?I would view a release of the SPR as very bullish.
That said the eco warriors would be all over Biden for this move...can you imagine the headline COP26 and Biden releases oil reserves LOL
Snowballer wrote: Interesting... will OPEC+ pivot (increase produciton) to appease Biden and others or will they call Biden's bluff on releasing oil from the SPR to cool prices?
But won't this risk even more market tightening (like what happened in CHINA) as market sops up released inventory only to have a lesser stockpile in reserve? Any drop in oil prices would seem "Transitory" (temporty/short lived) lollll
BLOOMBERG
"Japan has called on the oil producing group to hold talks to stabilize the market. Over the weekend, U.S. President Joseph Biden urged the group to pump more. If OPEC+ doesn’t, the Biden administration is prepared to release crude from
strategic reserves, according to RBC Capital Markets.
Stockpiles at the key U.S. storage hub in Cushing, Oklahoma, recently hit their lowest in
three years. Later Tuesday, the American Petroleum Institute will issue estimates for Cushing as well as nationwide holdings."
https://www.bloomberg.com/news/articles/2021-11-01/oil-holds-three-day-climb-as-traders-await-opec-stockpile-data