WTI crude prices are faling rapidly as Reuters reports that the US is set to 'unleash' its Strategic Petroelum Reserves in a "test-sale"...
- *U.S. TO RELEASE CRUDE FROM STRATEGIC PETROLEUM RESERVE: REUTERS
Of course, this is a direct aim at Putin's pocket-book as his stumbling economy needs high prices to sustain itself. However, the 5 million barrell release is less than a third of the US daily consumption rate (though does sound some alarms we are sure).
U.S. to release up to 5 million bbls of crude from Strategic Petroleum Reserve (SPR), Reuters reports, citing govt “source.”
SPR to be test sale, check operational capabilities of system infrastructure; timing unclear
By way of reference, this 5 million barrel release compares to average US consumption of around 18 million barrels per day.