• TAC - The Arnold Companies
The Arnolds Companies

The US Has Released 50 Million Barrels Of Oil From The Strategic Petroleum Reserve

Tuesday, Nov 23 2021
Market Talk

The US has released 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to cool the rally WTI futures that has been chugging along since April. The White House also claims the sale will be made in conjunction with similar releases by other countries including China, Great Britain, Japan, South Korea, and India. WTI futures are up a dollar on the news.

While the intent of an SPR release is to put a damper on to short-term supply disruptions, drivers in California won’t likely see any relief from record high gas prices in the near future. Oil supply isn’t the issue on the West Coast: below average gasoline stocks and refinery throughputs combined with recovering demand will keep prices high until refined product supplies catch up.

The premium on the Colonial gasoline pipeline has cooled off after hitting multiyear highs earlier this month. Steep backwardation in Northeast regional prices, suggesting a “product’s tight now but won’t be soon” economic outlook, are keeping a lid on gasoline linespace values while the backwardation in Gulf Coast diesel prices have the premium on diesel shipments poking their head into positive territory for the first time in years.

Refined product futures are up around 1.5% so far this morning, eyeing a run at a host of support-turned-resistance levels. As it stands now the downward trend we’ve seen in gas and diesel prices over the past month and a half is intact, albeit strained from this morning’s round of buying.

Click here to download a PDF of today's TACenergy Market Talk.

TAC - The Arnold CompaniesTACenergyTAC AirKeystone Aviation

Latest Posts

TAC Air — AMA FBO Expands and Improves in Amarillo
TAC Air Safety: Active FOD Prevention
Bob Schick of TAC Air Continues to Serve as Member of IS-BAH Standards Board for 2021/2022
KRLD CEO Spotlight on Greg Arnold and the Braniff Centre


Latest Posts


The Arnold Companies
  • About
  • News & Views
  • Social Media
  • Careers
  • Contact Us
  • Sitemap
  • Supply
  • Customer Login
  • Apply For Credit
  • Market Talk Updates
  • Contacts
  • Blog
  • Social Media
TAC Private Hangars
Find Your Next Great Role With TAC.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
TAC - The Arnold Companies © 2021. All Rights Reserved.