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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (123275)	4/1/2022 2:27:59 PM
From: Goose94	Read Replies (1) \| Respond to of 203353

Crude Oil: SPR Release Sends Prices Below US$100 In a week that saw OPEC+ implementing its latest production increases and the United States announcing an unprecedented SPR release, oil prices saw their largest weekly decline in more than 2 years. Whilst the OPEC+ decision was far from a surprise, the readiness of the Biden administration to tame runaway fuel prices pushed Brent futures closer to the $100 per barrel mark. Despite the scope and ambition of Biden's latest move, it might not be enough to keep WTI below $100 per barrel as the sheer size of Russia’s potentially sanctionable 3 million b/d seaborne flow still looms over markets. OPEC+ Sticks to Modest Oil Output Increases. In a meeting that lasted a mere 12 minutes, OPEC+ countries agreed to add 432,000 b/d of production in May 2022 despite prospects of Russian production faltering, resisting calls from the IEA and US to ramp up production. US Launches the Largest-Ever SPR Release. The Biden Administration kickstarted the largest-ever release of SPR crude in an attempt to bring down gasoline prices, pledging to release 180 million barrels over the next six months, equivalent to a steady 1 million b/d stream of crude.