Trump Authorizes Strategic Petroleum Reserve Release "If Needed"

Earlier today we touched on the possibility that the Saudi attack may prompt the US to release oil held in the SPR, especially if Brent soars above $75 on concerns that the Saudi production outage will last for more than six weeks (which now appears to be the base case).

Then, just moments before the market reopened, Trump tweeted what many had expected: confirmation that an SPR release is indeed in the works "should it be needed", to wit:

Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount sufficient to keep the markets well-supplied. I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.

That assurance, however, is not helping the market much with Brent soaring 20% at open.