1. US Shocks Market with Largest Ever SPR Release- US President Joe Biden announced the release of 180 million barrels of crude from the strategic petroleum reserve over the next six months, equivalent to 1 million b/d. - Most American SPR stocks are medium sour barrels held in salt caverns across Louisiana and Texas, so the release would be primarily interesting for sophisticated refiners. - This is six times larger than the previous outright SPR sale and will reduce the remaining strategic inventories to a mere 388 million barrels by the end…
