Biden sold around 200m barrels from the SPR to cap prices and its worked probably better than even he thought.
Intentions to begin buying back were announced, multiple times, in the past few months. Timing was suggested after next month (June). The headline today is citing 'people familiar' but there was no, zero, indication given as to timing. And 3m barrels is a drop in the bucket.
Still, posting this FWIW. Oil got a bit of a lift in price.
Intention is to purchase 3 m barrels of US produced sour crude.
