Is a US SPR oil release imminent? No, say analysts
ICYMI the weekend oil news is of disruption to supply due to attacks on facilities in Saudi Arabia
- Drone attacks cut as much as 5mbpd of Saudi oil production
- It could be 'weeks' before Saudi oil production returns to full capacity
- Goldman Sachs oil price forecasts after the Saudi attack
- Platts on the oil price impact of the Saudi attack
- CAD, yen both higher in thin Monday opening forex markets
- Images released of the extensive damage to Saudi production facilities
- Can Saudi Arabia restore almost half the oil production within just days?
- UBS on oil after the attack on Saudi production facilities
Will we get a release from the SPR?
- The Strategic Petroleum Reserve (SPR) is an emergency fuel storage of petroleum maintained by the United States Department of Energy (DOE)
Platts reports on comments from various oil analaysts, the gist of which is "No."
- "I don't think a release is imminent
- Everything depends on how much damage has been done and how long will it last."
Oil markets open at the top of the hour (overnight futures trade). While I reckon no SPR release is imminent we have a guy in the White House who values, above all, popularity (he is a politician after all), so a heads up for potential tweets. You never know with the tweeter-in-chief.