- The Biden Administration is debating whether to act immediately to try to lower U.S. energy prices or wait on dramatic measures in the hope markets settle (Bloomberg)
- For multiple weeks, top Biden aids have discussed measures to bring down gasoline prices
- Options floated have been a release from the nation’s SPR and or halting crude exports
- According to Bloomberg, oil traders believe Washington needs to release at least 30 MMBbl from the SPR to make a difference
- Oil traders make large triple-digit bets in the oil options market (BBG)
- Oil options that would profit a buyer from Brent crude hitting $250/Bbl are changing hands
- The equivalent of 5 MMBbl of Brent $250/$300 call spreads traded late on Thursday