President Joe Biden changed the dynamic with his announcement that 1 million barrels of...
President Joe Biden announced that 1 million barrels of oil per day would be drawn from the nation’s Strategic Petroleum Reserve for a period of six months.Will the sell-off in crude that met Western efforts to tap oil reserves last the week? Or will it prove to be just a pause in rising prices as commodity markets adjust to disruptions in Russian oil and gas?
“This is a wartime bridge to increase oil supply until production ramps up later this year,” the president said. “And it is by far the largest release from our national reserve in our history.” Phil Flynn, a senior energy analyst at The PRICE Futures Group in Chicago, warned against getting too excited about the SPR release.The barrels from the SPR, meanwhile, won’t show up in markets until May, so the supply shortages will remain until at least then, said Tamas Varga, an analyst at London oil broker PVM.
Oil prices swung wildly last month, posting daily gains as large as 8.3 percent and losses as steep as 12 percent. West Texas Intermediate averaged $107.88 for the month.
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