Strategic Petroleum Reserve Watch:sweetandsour wrote:Ping!
WTI has dropped below $70 this morning.
https://oilprice.com/oil-price-charts/#WTI-Crude
This is surprising, as US crude oil inventories are also dropping. I don't like what this is telling us.
Lots of granular data here, but I'm not familiar enough with weekly fluctuations to tell if this is normal or significant:
https://oilprice.com/Latest-Energy-News ... cline.html
Oil continues to trickle out of the SPR. Each reported decline sets a new 40-year low:
https://www.spr.doe.gov/dir/dir.html
In theory, Joe has another opportunity to start buying back some of that Emergency Release inventory (the "emergency" was a risk that Democrats would lose badly in the midterm elections).
I don't know if he needs permission from Congress or whatever, but there is no money available until his Debt Limit Crisis is resolved.
I'm with Speaker McCarthy -- We need to roll back Biden's bogus "Inflation Reduction Act" and replace it with something like an "Avoiding a Global Economic Catastrophe Act."
XLE might recover when all of that is resolved.
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FED rate announces this afternoon. Hold onto your butts.