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.

Goldman Sachs says the US-led oil reservesrelease 'a drop in the ocean'