Marketview: No Surprises, Please

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Oil prices have been swinging wide for several weeks, with concerns over central bank maneuvers, macroeconomic health and financial stability all posing headwinds. Adding to the pressure: news that the US Strategic Petroleum Reserve (SPR) would not be refilling tanks this year even as crude entered a price range officials had previously identified as justifying restocking. That removes an anticipated buyer from the market at a time when fundamentals are loosening. However, the slower-than-anticipated SPR refill is not a major surprise given both quality issues and the state of the global market.

Oil Futures and Derivatives, Oil Demand
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