U.S. PLANS TO RELEASE UP TO 5 MLN BARRELS OF CRUDE OIL FROM STRATEGIC PETROLEUM RESERVE – GOVERNMENT SOURCE
This is an almost unheard of move from the US Gvt. The last time I can recall any SPR oil released from SPR outside of a real physical disruption was in 1996 when President Clinton used money from the sale to push the US budget into surplus.
The timing is quite curious too and is a slight of hand that might put even more pressure on Russia. If they want to play Ukraine for their oil ports, this is pointed move. We covered some of this idea in this morning’s Newsletter.