U.S. poised to release oil from Strategic Petroleum Reserve - Bloomberg
- Crude oil trims earlier gains following reports that President Biden will announce a release of oil from the Strategic Petroleum Reserve in concert with other countries as soon as tomorrow.
- Plans could change, but the U.S. is considering a release of more than 35M barrels over time, Bloomberg reports.
- WTI January crude (CL1:COM) +0.8% to $76.53/bbl, and January Brent (CO1:COM) +0.7% to $79.47/bbl.
- ETFs: USO, UCO, SCO, BNO, DBO, USL, USOI
- Even as crude prices pull back some from this morning's gains, the energy sector (XLE +1.9%) remains at the top of today's S&P sector standings.
- Among today's biggest gainers: FANG +3.6%, PSX +3.5%, OXY +3.1%, COP +2.9%, XOM +2.2%.
- Meanwhile, OPEC delegates say the group may adjust its plans to raise production next month if the U.S. and other consuming countries conduct a coordinated release of oil reserves.
- OPEC+ meets next week to discuss plans to raise production by an additional 400K bbl/day in December.
- Faced with the potential for a coordinated U.S.-China release of strategic oil reserves and the resurgence of COVID-19 restrictions in Europe, U.S. crude oil ended last week at its lowest since October 1.