- West Texas Intermediate dipped below $100/Bbl as the U.S. plans to release 1 MMBbl/d for six months from the SPR
- President Biden said he expects allies will also agree to release more oil from their own reserves
- If prices hold at current levels, oil will have its biggest weekly loss in almost two years
- Goldman Sachs cut its Brent crude price forecast by $10/Bbl to $125 for the second half of this year (Bloomberg)
- The bank increased its 2023 estimate by $5 to $115/Bbl
- “Fundamental uncertainty will remain extremely high in coming weeks and months, we reiterate our conviction for higher oil prices,” analysts Damien Courvalin and Jeffrey Curry said in a note to clients
- “We don’t see today’s decision (SPR release) as resolving oil’s structural deficit, now years in the making.” (Goldman)