Oil climbs almost 3% as recession fears begin to fadeBull thesis intact when you consider we're still in shoulder season and the U.S. will likely never refill its SPR to any level of significance. The SPR was never designed as a mechanism to control commodity prices or win elections. It was created to mitigate unexpected supply shocks such as conflicts in the middle east or hurricane season in the Gulf. They will regret this course of action as the commodity cycle accelerates. Just my opinion.
On a side note, lots of AB producers are shutting in production as a result of the wildfires. I haven't seen anything from ARX yet but we'll see what happens.
https://www.reuters.com/markets/commodities/oil-prices-inch-up-recession-fears-begin-fade-2023-05-08/