Biden pivots - plans to refill SPR
May 05, 2022 9:23 AM ETThe United States Oil ETF, LP (USO)XLE, CL1:COMBy: SA News Team134 Comments
- Biden is seeking offers to refill the strategic petroleum reserve "SPR", the administration told CNN Thursday.
- The news hit Thursday, literally minutes after IEA chief Birol said "we can release more oil if needed."
- The update from the White House is long dated, with 60mb to be refilled in "unspecified future years."
- The White House has thus far announced plans to release 180mb from the SPR this year.
- The refill is a logical step, and shouldn't come as surprise; however, the timing and mixed-messaging from the US and IEA are likely to support crude prices (NYSEARCA:USO), and in fact, oil prices (CL1:COM) jumped ~$1.00/b as news hit the wire (XLE).