The last time Biden offered oil on the markets it was met with buy order, sending crude sharply higher. So he’s at it again — this time it is rumored that Biden will release an astonishing 1 million barrels of oil PER DAY for several months in an attempt to rig prices lower to reduce inflation.
The SPR is chock-filled with oil, but will be much less so after Biden reduces it by roughly 20% over the next few months.
WTI is being crucified in the AHs — off by 4%, Brent -2.7%.
We are at the stage of this “crisis” where we are to expect govt to meddle all the time, making trading inexorably harder.
NASDAQ futs are +85.
If you enjoy the content at iBankCoin, please follow us on Twitter
This is awesome news for a couple reasons
1) we consume something like 20 mbd so it cannot possibly fix the supply imbalance. You cannot fix a permanent supply imbalance with fucking stockpiles
2) if it succeeds in pushing down prices how can you not buy oil? See (1). It’s guaranteed profits for traders, clean buy decision
3) once the SPR hits bottom, America’s idiot foreign policy caste cannot wage war against Russia even if they want to
Purple Penis.
Reflect on that.
Oilman
+1000%
Supply demand imbalance
Everything else is BS