RE:RE:US storm could push oil over $100… And Biden screwed up SPR. Looking at the absolute SPR volumes is misleading due to the type of oil in the inventory and what is preferred by refiners. They dont like the high "sour" grades with high sulphor content which makes up a significant amount. I think the SPR is in worse shape than they say.
I think bidens move to use the SPR was short sighted and I kinda hope he pays for it. I am not political by nature but the SPR creation was for emergencies and was not to be used to get reelected for midterms. Time will tell. Really all just depends on how sudden and severe the upcoming recession becomes.