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Jet Markets Tighten Despite IEA Crude Release

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A coordinated emergency stock release by International Energy Agency (IEA) members took more heat out of crude prices and helped smother near-term volatility. Moves by 30 countries to sell 120 million barrels of crude from their strategic reserves are aimed at easing the price pain for consumers this summer. But airlines may see only limited benefit with refiners still more focused on diesel amid Russia's war in Ukraine. The stock release includes 60 million bbl from the planned US release of 180 million bbl. All told, Strategic Petroleum Reserve releases between April-October will now amount to 240 million bbl, or about 1.33 million barrels per day. By contrast, the sanctions against Moscow and the “self-sanctioning” by the market could remove as much as 3 million b/d from global markets.

Jet Fuel, Crude Oil, Oil Prices, Oil Spot Markets
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