RE:Biden cancel latest 3 millions barrel SPR purchase Tells me the US is very desperate when it comes to controlling the price of oil They may be running out of tools to lower the price. 3mln of barrels is also not a critical amount but it was important enough for them to cancel it - that means they are trying to scrape all available oil in order to stop the energy prices from advancing. Very critical moment now.
Also keep in mind is that July is also a month that historically inventroies are drained. Don't be surprise if oil finally starts trading above $100 mid summer.