Bearish News Is Mounting For Oil

Bearish News Is Mounting For Oil

Oil prices remained fairly stable this week, with ICE Brent balancing slightly above the $100 per barrel mark. Fears of Russian supply disruptions were temporarily put on the back burner by the vast IEA-coordinated inventory release that greatly helped in flattening out the futures curves of all three key crude benchmarks. The extensions of COVID lockdowns in China, especially in Shanghai, have also helped the bearish cause, however it remains to be seen how long will it take for disruption fears to resurface again.

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IEA to Release 60 Million Barrels of Strategic Stocks. Above and beyond the US’ 180-million-barrel stock draw, IEA countries agreed to release 60 million barrels over the upcoming six months, with Japan taking a prime role amidst the relatively timid commitments of others, pledging to release 15 million barrels.