Bloomberg's Charlie Pellet reports on the Trump administration's plan to release 172 million barrels from the Strategic Petroleum Reserve to ease fuel prices, as oil slides for a fourth day. Both Morgan Stanley and Goldman Sachs have cut price outlooks, with Goldman predicting Persian Gulf exports will reach pre-war levels by end of July. The SPR has fallen to its lowest level since 1983.
Goldman predicts Persian Gulf exports will reach pre-war levels by end of July, and the SPR release is temporary, suggesting potential price recovery once supply concerns ease and demand normalizes.
Nathan Hager
Oil continues to slide this morning, with Brent at $81.39 and WTI at $78.87, heading for its longest losing streak of the year. Both Morgan Stanley and Goldman Sachs have cut price outlooks for coming quarters.
Nathan Hager
Goldman predicts Persian Gulf exports will reach pre-war levels by end of July. The U.S. emergency supply of crude oil has fallen to its lowest level since 1983.
Charlie Pellet
The Trump administration is moving toward completing its plan to release 172 million barrels from the Strategic Petroleum Reserve to ease surging fuel prices spurred by the war in Iran.