Oil Prices ‘Dip’ On IEA SPR Release, OPEC+ Output Headlines

As expected, OPEC+ delegate sources are being reported as confirming the cartel will boost output by 400k bbl/day. Additionally, it is being reported that IEA members have agreed to release 70 million barrels from their strategic stockpiles in an effort to balance the extreme tightness (seen in the record backwardation) in the energy markets, which has been exacerbated by Russian sanction threats.

The reaction was muted to say the least as WTI dipped less than $1…

At current levels, US gas prices will be north of $3.70 within a week on their way to $4 soon…

As a reminder, gas prices have done nothing but rise, despite the relative collapse in the US SPR…

So what will be different this time?