SPR Release Will Bring Higher Prices: Goldman Zero Hedge quoting Golman Sacks:
"However, as Goldman has argued previously (see "SPR Sale Would Release Only 60MM Barrels; Will Bring Even Higher Oil Prices: Goldman") an SPR release would only be of modest and temporary help and could in fact backre next year given the structural nature of the oil market decits starting in 2023.
- First, a 60 million barrel US SPR release would only represent $3/bbl downside risk to the bank's price $90/bbl year-end Brent forecast.
- Second, any larger negative price impact that further slows the US shale oil activity rebound would in turn lead to much higher prices next year.
- Finally, an SPR release now would likely be premature in our view given that the US mid-term elections (which have been cited by the US administration as a catalyst to push prices lower) are still a year away."
https://www.zerohedge.com/commodities/goldman-laughs-todays-oil-selloff-our-bullish-view-remains-unchanged-sees-deficits