News
🚨 🇺🇸 US taps SPR for Louisiana refinery, Michigan sentiment beats
🚨 🇺🇸 US taps SPR for Louisiana refinery, Michigan sentiment beats
- 🇺🇸 The US Energy Department has authorised an emergency exchange of up to 400k barrels of crude from the Strategic Petroleum Reserve, per newswires
- 🇺🇸 The barrels go to cover a crude supply disruption at Phillips 66's 264k bpd Lake Charles refinery in Louisiana; newswires saw about 50 cents a barrel of downside in Brent and WTI
FO view: The SPR exchange is small and local, so it trims the edge off oil rather than turning it, while firmer sentiment with sticky inflation expectations adds to the PMI price signal leaning against Fed easing.
Not investment advice.