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Mar 31 - 12:55 PM

Oil: Prices To Remain Elevated Despite The SPR Release - Danske

By eFXdata  —  Mar 31 - 11:00 AM

Danske Research discusses the oil prices outlook in the near-term.

"The US announced it is planning to release 1 million barrels of oil per day from its Strategic Petroleum Reserves (SPR), up to a total of 180 million barrels. While the move will ease the tight supply situation in the near-term, it is unlikely to change the outlook for a prolonged period of elevated oil price levels. The release covers around 2-3 months worth of expected drop in Russian supply, but significant uncertainties persist going forward due to unknown reaction from non-western buyers of Russian oil," Danske notes. 

"We think the move is unlikely to change the picture of elevated oil price levels going forward. A key uncertainty relates to non-western countries like China and India, which could potentially buy some of the Russian oil at discount," Danske adds.

Source:
Danske Research/Market Commentary

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