$77 is an important level
The old high in July for WTI was at $76.97 so that area around $77 is going to be key going forward. We saw that in Asia as the clear break below it and $77.60 quickly cascaded as low as $74.97.
We're all the way back to $77 now.
The SPR talk is all way overblown. The energy secretary basically said it was 'under consideration' but only in the context of 'all tools on the table.' It also wasn't a statement but it came in response to a question.
I just don't see an SPR release as realistic at $77 or $80. Maybe at $100 but only if it's closer to the midterms or there's some broader economic pain.
Along those lines, our friends at Newsquawk highlighted that headlines from Energy Aspets oil analyst Amrita Sen might have moved the markets. Newswires were carrying them and one said something along the lines of 'Sen says US won't release oil from SPR'. Some algo or clueless market participant might have read that as a US Senator saying it.
