US Energy Secretary Wright says the release of oil reserve is in part about ensuring near-term supply of oil in Asia, the US has 415mln barrels of oil in storage right now
Newsquawk Staff ·
- US plans to have more barrels of oil in SPR a year from now despite release.
What it means
The statement from Energy Secretary Wright indicates a strategic maneuver to stabilize oil supply in Asia, which highlights ongoing concerns about regional demand amid fluctuating global energy dynamics. The intention to build up the Strategic Petroleum Reserve (SPR) suggests a longer-term outlook on supply-demand balance, which may support prices if the market perceives heightened precautionary measures in a potentially volatile environment. This could also signal to traders a resilient stance against any future supply shocks, warranting close attention to WTI price movements.
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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