More on the Biden oil reserve release, up to 180m barrels over several months

This from earlier:

• Biden admin is considering a 'massive' oil release to fight inflation
• ICYMI - US President Biden is said to be preparing a massive release of oil stockpiles

Saw a big dump lower for the oil price.

Reuters now filling in some of the blanks, Citing sources saying the Biden release of oil would be up to 180m barrels over several months.

The talk is 1 million barrels a day release or therabouts. So 180m barrels is around 180 days, or approximately 6 months.

I dug up this from the US Energy Administration. Its dated March 8 but estimates:

• On February 25, 2022, the SPR held 580 million barrels of crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term

Updated - as of March 25 the holding is circa 568m barrels.

The US consumes circa 20m bbls of oil a day. Adding in 1m barrels a day supply would make a difference to the price at the margin (lower).