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Fundamentals

Inventories: SPR Release Shows Value For Commercial Tanks

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Less than two months remain on the schedule for oil releases from strategic petroleum reserves (SPRs), which the US used to combat high oil prices. If the oil price is an arbiter of the policy, a drop of more than $15 per barrel for Brent and West Texas Intermediate since May to around $90/bbl can be construed positively for the White House. Perhaps more importantly, politically sensitive US gasoline prices on the Nymex have fallen $1 per gallon over the same period. They are still a frothy $2.50/gallon but down from a peak $4 early June. Oil prices and the level of inventories are closely correlated.

Topics:
Oil Inventories, Crude Oil, Oil Products, Oil Prices, Oil Supply
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