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U.S. oil prices remain stable at a one-week high, and reports say the U.S. is not considering releasing strategic oil reserves for the time being

Oct 26, 2021 11:03

During the New York session on Wednesday (October 13), crude oil prices basically remained stable at a one-week high. As the United States abandoned its consideration of releasing crude oil reserves, oil prices continued to maintain a strong upward momentum. Among them, the price of crude oil in the United States fell by US$0.52, a decrease of 0.66%, and the price of Brent crude fell by US$0.58, a decrease of 0.70%.


U.S. crude oil price daily chart

Foreign media reporter Javier Blas reported on social media that the U.S. Department of Energy is retracting its previous comments that it is considering releasing its strategic oil reserves and banning crude oil exports. This news brings potential support to oil prices. According to Javier Blas, the US Department of Energy "at this time" does not consider using the US Strategic Petroleum Reserve SPR.

Earlier, the well-known investment bank Goldman Sachs believed that the US Department of Energy might consider releasing SPR. Since then, the reporter released the news to refute the rumors. If the U.S. Department of Energy really considers doing this, it will cause Goldman Sachs to lower its Brent crude oil forecast of $90 at the end of the year by another $3.

The White House press conference also adopted a similar tone that does not consider SPR.

Press Secretary Jen Psaki said at a daily briefing on Wednesday that the Biden administration will not make any predictions about issuing SPR to ease high oil prices. Psaki turned to focus on the climate crisis and commented that things were so urgent that they couldn't wait any longer.

Jen Psaki said, I will not make any predictions from here. The government took steps after Hurricane Ida, including authorizing SPR to communicate with oil and refinery companies. We have also taken measures-including contact with OPEC member states, but I will not make any other predictions now. We have been monitoring. We will take other measures as needed.

Jen Psaki said, of course, we all want to keep gasoline prices low, but the threat of the crisis—the climate crisis—of course can’t wait any longer. Commenting on whether other governments would feel "weak" towards green energy, she said that in the face of soaring energy prices, world leaders are preparing for the United Nations climate change COP26 summit in the United Kingdom in November.

In recent months, the White House has been in contact with OPEC on oil prices. National Security Adviser Jack Sullivan stated in early August that at a critical moment of global recovery, the increase in production brought about by OPEC+ loosening production cuts is “not enough” at all.

At the end of September, Psaki said, I assure you that we are not only cooperating with OPEC, we are also looking for all means to reduce natural gas prices.

The OPEC+ group ignored any calls from consumer countries and continued to implement its plan earlier this week to reduce the output cut to the market's minimum of 400,000 barrels per day.

At the same time, due to rising crude oil prices and increasing demand, the average gasoline price in the United States rose to its highest level since October 2014. According to AAA data, as of October 7, the average gasoline price in the United States was $3.244 per gallon.

GMT+8 19:40 U.S. crude oil price reported $79.90/barrel

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