THE BOTTOM LINE
A pure political move. It may delay, but will not cancel, US executive market interference with diesel exports.
No change to oil prices. The release will not alter global or US domestic prices for crude or refined products.
But it contradicts the Administration. Tapping the SPR is inconsistent with claims that Middle East supply is
back to, or close to, pre-war normal. Adequate supply is normally used to build strategic reserves, not cut them.
Positioning unchanged. The Wealth Protection Portfolio remain long crude
and distillates.
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