Biden admin update plans on replenishing US oil reserve - but still vague on timing

There are plenty of headlines about that the Biden administration said it plans to begin purchasing oil to replenish the nation’s emergency reserve.

The update says it'll be after completing maintenance work later this year.

This is not really an update, we knew this already.

The 'update' doesn't give any specifics on timing. The admin had previously nominated a price of around US$70 / barrel.

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The background to this is the drawdown Drawdown In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o In financial trading, the drawdown represents the amount of money a trader can lose or has lost, following a series of losing trades. This is measured from the high of the trader’s capital to its low, over a given period of time. This is usually expressed as a percentage of a trader’s account. The current drawdown is simply the amount of money a trader’s balance has been reduced by in a given time, without necessarily closing out at that point.For example, if a trader placed an initial deposit o Read this Term in reserves. The Strategic Petroleum Reserve (SPR) is currently sitting around a 40 year low after the US federal government withdrew circa 180 million barrels to address rising gasoline prices in the wake of Russia’s invasion of Ukraine.

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Oil price chart update: