Will Biden’s Oil Release Bring Down Prices At The Pump?

The Biden Administration’s decision to go for a “big bang” release of strategic petroleum reserves (SPR) has successfully decreased oil prices, for now. The announced release of 180 million barrels will be spread over the next six months. This has delivered an expected change in the Brent futures curve, by shifting prices down in the short term while pushing them upwards again by comparable amounts for contracts expiring later in the year. A pivot around September 2022 can be expected, when the SPR release is likely to end, Rystad…