Goldman Sachs says the US-led oil reserves release 'a drop in the ocean'
- says release of 70 mln-80 mln bbls smaller than what the market has been pricing in
- release is worth less than $2/bbl, significantly less than $8/bbl sell-off that occurred since late October
- Brent prices also priced in excessive concerns over EU oil demand from covid-19 wave
Goldman Sachs obviously underwhelmed with the announcement Tuesday US time. Everyone was, but underwhelming was expected.