What's the trade
There's a new report saying the US is 'poised' to release strategic oil reserves along with other countries. India, Japan and China are some of the nations that have been previously reported to be on board. The announcement could come as soon as tomorrow, according to the report.
You would think it has to be priced into oil already but it's tough to gauge the amount. I'd suspect around 30 million barrels from the US is what the market is looking for.
Meanwhile, a separate report from earlier today said OPEC+ could respond to any release by curbing its output.
I think Biden is holding a losing hand here. The dip to buy will be after the release. Crude is back to unchanged on the day at $76.43 from $77.09 before the latest headlines.
That said, let's get on with this already.
