SPR

2020isgreat

16 mil barrels left in SPR b4 we hit operational levels

PaperCraftPilot

Conflict was uncertain at the beginning, but now the same outcome is expected — shooting for few days and new peace deal. Iran closing Hormuz Strait is none of a surprise. Oil prices after memorandum of understanding went back to same level as before the conflict, ignoring SPR completely. I am not saying that market is right tho.

bejammin075

I don't see how that addresses OP's question. The conflict is as uncertain as ever. Back in March, the world had much larger oil reserves. Now we are in a second phase of the hot war, there is no resolution in sight, and the SPRs are low. Based on the estimate of the US SPR released yesterday, around 316 mb will get to 300 mb by the first week of August. All of the recent engineers looking at the SPR say 300 mb is the limit before risk of structural damage. On top of that: - Newer signs of dangerous escalation. Oil infrastructure being targeted by both sides. - Now the Houthis are threatening to close up the strait that controls the Red Sea. - Ukraine has been blowing up Russian refining capability, and now also Russian oil export tankers. In the last month, Ukraine has done a significant damage in this area. - Crack spreads (price difference between refined product & crude oil) are the highest they have ever been.

ChampionshipOdd947

Daily reminder that the strait is still closed and the US is about to go below the acceptable level (300 million barrels) for its SPR. Operational minimum is between 250-300 million barrels

Square_Marionberry63

Its flowing out of the SPR.

Spirited-Print-1097

Global reserves or stock piles are being depleted. The US SPR is almost down to nothing.

TinyFugue

we also emptied our SPR to bring down gas prices

TheEagleDied

The SPR is getting too low to keep on playing these games. We will be forced to make a deal next week

Wise-Belt9180

Wait till they restart filling up the SPR, fun times

Dude_HaHa

# SPR and Cushing scraping the bottom, too bad algos can't detect lies LMAO 🤌

Dude_HaHa

# Debtius and Debtweave drilling for oil, struggling to fill the drained SPR 😩

TheoryInttro

No, China provided a stopgap measure by halting imports and taking 4 million barrels a day off the demand side along with the 4 million bpd of SPR release and drawing down commercial inventory and granting waivers for sanctioned Russian oil. And all of the reserves are running out.

ShittyUsernane1222

it would be extremely funny if the fed hiked interest rates by 30% while ultra bearish economy news came out and SPR reserves ran out at the same time

redditmodsRrussians

Cause the SPR for both raw and refined products are probably below minimum operating levels. Cant hide reality with paper contracts forever.

Extreme-Concept-7247

Biased, after I got burned the first time, but I doubt this growth will stick short-term. He’s gonna drive the prices back down artificially, prob by drawing from SPR and winning the war a couple times this week. Ultimately of course demand will rise, but I’m not going back in on Oil until this futures period closes out. It should be straight green from here on, but I just “know” they won’t let it be that easy.

BearlyBearishBear

SPR deader than turtle man

Delicious_Put_5857

no more SPR to drain

RagingBearBull

It would be so funny is the US starts selling SPR oil to the highest bidder...... China! they are due back to the market, and once they start buying back oil, the results will be funny as hell.

SteakEater137

**Bombs flying, infrastructure burning, shipping halted, SPR running on fumes** \- market shrugs **Rambling mess of a shitpost from known liar** *-* market: "oh no now it's for real"

ItzDp

Global market and SPR

Ble_h

Imagine starting a war when your SPR is at records lows. Surely no one is retarded enough to do that.

YeahBuddy5000

America is draining the SPR down to nothing while bombing the crap out of Iran and people think the markets should be going to the moon. We'll be lucky if this isn't a global depression.

YeahBuddy5000

The SPR would say otherwise

Delicious_Put_5857

basically back to square one on iran, except the SPR is drained, and we're 1200 SPX higher

Dude_HaHa

Bols on full copium and retardium. No amount of market manipulation will work. SPR is down and oil is about to fuck this market without lube. Shouldn't have bought the top 🤷‍♂️

Icommandyou

So like are Koreans out of SPR or what lol

rich000

Yup. Press manipulation combined with the SPR can definitely keep prices down for a while. At some point though something actually runs out, and you can't fill your car with Axios articles.

OneLeggedJaguar

What happens if the SPR runs out?

Icy_Jelly_315

Numbers is wrong, us imports 40% of crude it refines, SPR and Cushing running on fumes. I am and always have been an oil trading expert AMA

TheoryInttro

China paused their oil buying and took about 4 million barrels a day off the demand, coupled with 4 million barrels a day of release from the SPR and drawing down commercial inventory to near line fill levels it kept the apparent market balance you're seeing.

amrogers3

Still drawing down SPR tho. Hitting floor in Sep

Own-Recipe5908

It was low last year because of the drawdowns for the Russia-Ukraine war and the lack of refilling going into the election. It's lower now, and there's a part of the SPR that isn't really to be touched unless it's an absolute emergency (It's up to the executive but previous people in charge say they wouldn't go below 300k). Either way, at the current rate of drawdown we'd be drained by the end of the year or beginning of next depending on how much the admin wants to bottom out. And, it doesn't matter where Venezuela's oil goes, really, since it's a global market, their production hasn't really changed. This isn't even to mention China has been going purely off their own reserves and are probably looking to rejoin the global market soon.

Tay_Tay86

SPR is way lower than it was in feb

Own-Recipe5908

Check the SPR. Lowest it's been in half a century. A couple weeks of half the usual capacity coming out of the strait but not in isn't gonna be making up for that and won't even arrive where it's going for a while yet. This isn't even to bring up the fertilizer effects this shit is gonna blow up food prices.

scooterhomeimprover

TIL the oil reserves for SPR are in actual caverns that can collapse and become damaged when drawn too low. We are below that damage minimum line.

PenguinOfB00m

At this point if algos haven't been redirected to the SPR weekly reports we have lost all hope for the human race

Dude_HaHa

Well those prices are manipulated since oil futures are shorted. That wont work long term since SPR and Cushing are low. Once the entire OPEC+ supply is fucked, there will be "bedlam". The market needs it

Dude_HaHa

What if....oil shock really ramps up this time. SPR and Cushing are at the bottom. And no amount of manipulation, news or other assorted bullshit doesn't work? What if...this its different?

DreamLoitering

Here ya go my fellow regard🤓 : [yahoo SPR chart, updated from July 3.](https://ycharts.com/indicators/us_ending_stocks_of_crude_oil_in_the_strategic_petroleum_reserve)

Own-Recipe5908

Yeah, SPR where it is there's a big snap waiting to happen.

jrex035

100%. The oil price today is the result of a "glut of oil" and endless efforts to manipulate prices by the Trump administration. Except that this "glut" is by definition temporary (from the ships stuck in the Gulf when the war started and from SPR releases) and yet the situation in the Strait/Gulf remains FUBAR. After the modest normalization of transits through the Strait following the MOU, Gulf state oil production has climbed meaningfully, but is still at least 7m bpd less than it was before the war. That's a huge fucking deal, every day that Gulf countries continue producing less oil is another day the crisis gets *worse* not better. The market can keep pretending like everything is normal, but this crisis keeps growing by the day and Iran doesn't seem interested in ending it unless they get what they want (control over transits through the Strait, sanctions removed, frozen assets returned). We are still a looooong way from normalization despite current market pricing.

DreamLoitering

Supossedly the US will not go below 250 incase the military needs it. At this rate we reach 250 in mid august. Now lets just pretend we keep pumping past that.. The SPR is housed in salt caverns in the south, I think Louisiana, I don't remember off the top of my head. If the reserve goes below 115 or something the caverns collapse and good-bye SPR. That would be a few more months down the line, maybe around midterms. But there are a lot of other little complicated details and I'm not into that. Good luck.

Mrrrrggggl

When does the SPR run dry?

rain168

But what about US SPR 2? (Venezuela)?

GasAccording9845

SPR is scraping the bottom + oil futures are manipulated I hear you. Let’s separate signal from noise, because both *can* be true at once. SPR is low. Futures are a casino. Supply is still there. All three can coexist. The market doesn’t care about should. It cares about is

cafedude

I think consumption has been curtailed some outside of the US. So not a 20% shortfall, probably more like a 8 to 10% shortfall. Still bad. Still, because they've manipulated the oil markets via the SPR drawdowns (and by other means) the price of oil hasn't been allowed to go up enough to increase production.

cafedude

> People have already started to use cars less (at least in countries where public transport and/or cycling is an option) Yeah, that's be outside the US. Here in the US I didn't notice much if any change in driving behavior. Even on Sunday's driving down the interstate there were backups and giant, shiny new pickups towing travel trailers. That's why we're draining the SPR to keep people from noticing gas prices too much. Of course, if we do manage to drain it (and it doesn't have to go all the way down, just something like 80%) then Iran's gonna have even more leverage.

cafedude

it was to prevent the average price of a gallon of gas from going over $5. ie. for the midterms. Of course if we do end up draining the SPR then Iran's gonna have even more leverage.

ActivatingEMP

Basically everywhere has used up what they're willing to for this, other than the US, and we're hitting the point where we really don't know when the SPR will actually collapse. Estimates anywhere from 300-150 mb. Honestly ridiculous to be releasing 6+ mb a week at 70$ oil imo.

Tay_Tay86

#More fun facts about the US SPR : #The US SPR was deemed to have a 25 year life in 1973. It was believed it could go through about 5 draws. We are on #9. #It is not a large metal drum or even a series of drums. It is a network of lengthy salt caverns in Louisiana. The salt is not porus to the oil so keeps it trapped. The oil keeps heavy waters away from the salt. #These caves are supported by salt pillars. Operational tank bottoms is a thing because freshwater is pumped in in order to push the oil out of the cavern when the US draws on the reserve. #This freshwater erodes the supporting salt pillars. If enough pillars are eroded a cavern can collapse, causing other caverns to also collapse in a domino effect. #We have never drawn to this level before. It was also known before this that many salt pillars are already gone because of previous draws and we are technically outside of safety guidelines because too many are gone. #The US SPR has the potential to physically, and catastrophically, collapse in a massive disaster if it is drawn too low, too often. #Oil 400$ is not a meme.

Dude_HaHa

Market is bullish, but there are underlying problems. * Oil: SPR and cushing low with anticipated shocks * AI: Logs of cracks in the narrative. Excess compute, lots of cash burn due to tokens being more expensive than advertised. * Data center buildouts being scaled back. Look at the one in utah by Kevin o leary * Concentration: top 10 holdings of SPY are 41% weighted. Rest of the market and good companies suffer. I am only bearish on AI and not the broader market. If the oil problems get out of hand, look out below.

Tay_Tay86

Fun fact about the the US SPR -- it is is not a giant drum of oil It is a salt cavern. It was analyzed to be able to drawn from a total of 5 times and when constructed it would last 25 years (1973) So it could literally collapse 🫪

Dude_HaHa

# Yeah, oil shocks are coming. Retail bols will caught with their legs crossed and a hole in their groins this time. SPR is very low. Cushing is scraping the bottom. War has resumed. All attempts to manipulate the market will be denied very soon.

Dude_HaHa

My cock dwells in your mom's hairy coochie. Those "smart" people thlt that the SPR would keep the oil prices low. SPR is at very low levels and oil shocks are coming, with the resumption of war.

gethereddout

Uh… the SPR is scraping the bottom. The supply shock is real- what’s not real is the heavily manipulated oil futures market.

Dude_HaHa

# Time for puts. With the SPR down, market manipulation will no longer be allowed 😂

Dude_HaHa

# Buy puts here. This is a bol trap. SPR is low, and the attempts to manipulate market wont work for much longer. "Bedlam" incoming.

Katin-ka

Why are we draining the SPR like crazy then?

Katin-ka

Until we have no oil left in the SPR to supplement the oil shortfall from the gulf countries. And we are very close to that point.

PenguinOfB00m

Dude I don't mean to be rude, but fuck that's just cute at this point. US is being run by a private equity. They will print money, keep rates stable if they can't cut, will draw the entire SPR until the salt caverns will collapse, spend trillions in Iran just to look tough, will start wars over and over and make enemies out of allies. Nothing is off the table. US is completely fucked, it's being sold for parts. The damage will take decades to be undone if ever. The average US citizen supports this, doesn't care, or is trying to take a piece of the cake just like everyone in this sub. If you can read this shitshow market I'm glad you can scalp some money off the grifters, but please don't be fucking naive. The only rationale that matters now is that this shit is not supposed to make sense anymore, and that's just how it is.

Chickpea_2714

wait so the SPR being low is why oil stayed steady

burningpetroleum

Yeah, while the SPR is being sucked down. They really want the coming supply shock to hit insanely hard.

Provolone-Jones

What’s the plan after we drain the SPR? Continued gaslighting?

Halbaras

China also bailed everyone out. Their oil imports fell heavily this year, and made up for a lot of the supply deficit. But nobody outside China can be sure what proportions of that decrease are permanent electrification, them drawing down their SPR, them simply pausing filling the SPR, and forced demand destruction/economic slowdown. Depending on whether normal traffic volumes in Hormuz resume and how badly China has really depleted their SPR, there's a distinct possibility that they are forced to start buying again and oil suddenly and 'unexpectedly' shoots back up to $120.

GasAccording9845

You cannot have a supply crisis when the world is tripping over barrels . Hormuz closes for 48hrs? SPR + OPEC tap = covered. The market knows it.

chomponthebit

The U.S. is bleeding their SPR (strategic petroleum reserves) to keep prices low for the midterm elections, and 32 other members of the IEA are drawing down as well. Currently, the U.S. SPR is at its lowest point since 1984 and the other IEA members have used \~20% of their reserves. The price will likely explode 1. after the midterms and 2. whenever nations decide to replenish their exhausted SPRs. And you can bet your ass that the countries most hurt by the Hormuz crisis - the ones who lack the capacity for oil production, like Japan - will be doubling their strategic reserves. Oil will go rise significantly in 2027-2028 *unless* everyone keeps bleeding their SPRs. In that case, oil goes ballistic when the reserves run dry.

Sea_Local2557

this time it's different, we fight til we have a drop of oil in SPR!

Country_Gravy420

So we are in for a multitasking multi week conflict. Strait closed up. Red Sea strait probably going to be closed. SPR continues to drain. Rates will likely go up at least once this year. And we're up. I love this market.

civillyRange

Some dude who testified in front of congress about oil said things happening recently would have normally seen 10-15% price jumps on oil. Iran war, Ukraine swatting Russian refineries, 🥭depleting the SPR to the lowest level since the 80's (but you'll never hear the regards bring up THAT point) They're tired of 🥭 games and losing money when he declares a fake peace deal every other day. Oil fitires market gunna get crushed with low liquidity

Polysorbate800

Good thing we have more than one SPR or we might be in trouble

Dude_HaHa

This time its different. SPR is very low on reserves.

Dude_HaHa

Buls getting too cocky. The SPR is too low and more oil shocks means SPY is Fuk.

Dude_HaHa

This time its different. SPR is very low.

Seastorm14

USO is at 117% short interest still after the past few weeks of "peace talks"  The more threats he makes the sooner it climbs back to $150+ since 3 weeks ago he said he didnt want to be remembered as Hoover for the next great depression cause we had 4 weeks left of oil reserves before shit hit the fan, and the SPR continues to deplete at home at ~6 million barrels per week even during the "peace talks" we still had been going negative, and the chance to refill it back for cheaper is now dead Wonder how this is gonna play out lmao

bulrfuc

# Yeah, attempts at market manipulation aren't gonna work anymore. SPR is record low. Can't bleed oil out of your asshole. Koreans aren't buying the bullshit and will dump. Bulls who were early, congratz ,but take profits. Retail bols who bought the top, well eat shit and die in poverty.

scooterhomeimprover

Where can I get the most recent SPR levels and drawdown rate?

061826heart

Not gonna help with the oil situation. Quick, turn on the SPR spigot again (if it ever got turned off).

Hungry-Personality99

To add to this, much of the SPR is held in caverns, 20%+ of the resserve is not accessible.

YeahBuddy5000

Tell that to the SPR

MrYOLOMcSwagMeister

With how much has already been drained from the SPR and China importing oil again it seems Iran can completely fuck the US economy if they want to

bejammin075

The strait is still much closer to closed than open, and we are still using up SPR. Ukraine is blowing up Russian refining, and will soon destroy Russia's ability to export oil. The worst parts of the strait situation are still ahead of us. I'm normally a super optimistic person, but this is how it is at the moment.

Delicious_Put_5857

p sure the market will get jumpy if they drain the SPR much more

Own-Recipe5908

Feel like oil has some catch up to do to be in line with reality. SPR drawdowns have been covering the problem, but it's getting pretty low.

jrex035

Hitting 3 ships in less than 24 hours is a huge deal. They just more than doubled the number they've hit since the MOU was signed more than 2 weeks ago. Merchant shipping through the Strait is highly constrained and these attacks will prevent further normalization. It's clear that Iran wants to/will throttle transits through the Strait which is a problem since oil prices are currently assuming a more than full normalization of transits through the Strait. Oil prices will keep going up as US/OECD SPR releases falter, the normalization of the Strait never fully materializes, and China is forced to start buying oil again in earnest after eating through a sizeable portion of its stockpiles

3xlduck

because it's possible to have a lot of supply at a specific point in time to process before things find a new equilibrium. SPR do not have to be refilled soon, they can wait for a better price to refill them. That price is around here, but can be lower. USA SPR is on loan to private companies, so if the price falls even further, it's cheaper for the companies to buy and give back to the SPR. Also, evaluating the now, is not what markets tend to do. They tend to eval the future, or at least what is expected for the future.

volckerwasright

Oil bull not even mention SPR or crack spread or whatever other zerohedge nonsense anymore, they just look at you like this https://preview.redd.it/e8hbojjivsbh1.png?width=353&format=png&auto=webp&s=3fd38a68d9d3f1433aa31ae2197902ac47125d5f

cripky

concerns about SPR levels seem to be overblown ngl

Super_Highway_3405

... They're doing what you're supposed to do with SPR. They got fucked on oil just 20 years ago.

permanent_pixel

they released SPR

pharmecist

SPR tank bottom approaching whether u like it or not.

beIIe-and-sebastian

And the SPR cannot have less than 150 million barrels or it'll cause risk and possible massive structural collapse of the caverns.

HairyNumber8775

SPR releases and China reducing imports, basically. There's plenty of supply right now with these two factors in play. Prior to the war, the market was oversupplied and that oversupply is only increasing. That's the pre-war macro background. If the SPR hits a floor, or Iran closes Hormuz and/or Bab El Mandeb, or China re-enters the market, crude will re-rate higher. But the SPR has weeks to months to run down to floors and the other two are nearly impossible to predict. For what it's worth, I think the chances are high that Iran will try to shut down both straits at some point while global reserves are low (and therefore their leverage is at a maximum), which should spike oil. But this is pure speculation based on analysing the warring parties' goals and leverage. I could be wildly wrong. The Russia situation has very little to with global markets in crude or refined products since the absolute amount of production taken out is small for the world. It is very bad for Russia and very good for Ukraine, though.

throwaway9gk0k4k569

I used to work for a refiner who owned/operated gas stations. Specifically, what is now known as Marathon. The people in r/oil are retarded, but so is everyone here. It's a really complicated situation. There's no way I can even summarize everything going on and I'm not getting paid. The unlubed dildo of consequences has been delayed, but not denied. We are going to run out of oil eventually, but the world has figured out how to buffer the situation temporarily, and governments are putting their hands on the scales. Their hands ARE the scales. Every country on the planet is blasting their SPRs out onto the market, China has stopped importing temporarily and even started exporting their SPR, the USA+Canada is pumping more, and there has some demand reduction as prices went up. All of these things have created a temporary buffer that should last us a few more months before we run out of crude oil and refineries can't get inputs anymore. The refineries are actually glutted with oil and turning away offers. That's because every government on the planet freaked out and shoved as much oil onto the market as possible, all at once. It's created a temporary glut of oil. That's great, but will only last a few months before those buffer supplies run out. Yes, the oil futures market is totally manipulated by governments right now. It's an actual "conspiracy" because they are conspiring together to do it. It's not a secret -- it's literally been written about in the news and been acknowledged by the USA/Japan governments themselves. There's no point in fighting them so the futures market has capitulated. There isn't much you can do to fight multiple governments when they want to manipulate futures prices. So... when does the oil run out? I dunno. A couple of months? The SPRs will go dry eventually. The planet's crude oil consumption is higher than production, so this can't go on forever, but it can probably go on for another 3-9 months. The problem with those SPRs is that you can only extract so much at once. I think that's the first point where the supply chain goes tight. This may happen in the next 1-4 months but it's not like we will completely run out. If it were me, I would just cut your losses. I don't see $170 happening again. I could definitely see $100 happening again in 3-9 months, but governments are going to keep a lid on prices.

Ill_Ground_1572

I don't think so mate. US uses 21 million barrels per day and there is 327 M in the SPR. They are currently drawing down the reserve at 1.4 M per day. And once it hits 243, by the end of August at current rates, they need to trigger specific laws because that's the lower limit for national security. A whole shit load of oil was just put on the market by Saudi. But the problem is, refining capacity in the world has also been hit. So this isn't over yet by any stretch.

TheEagleDied

Good question. According to my data the SPR is draining at a slower rate than it was a month ago which is coinciding with a slowdown in the physical economy. One would expect to see an increase in the summer months as consumers travel.

RepresentativeHeat13

It’s because they’ve been manipulating oil futures and also releasing oil from the SPR. Releasing reserves is about done. The bill always comes due - Oil execs said they expect 150 to 160 oil in July.

Sufficient-Skill9530

Apparently according to this thread, oil comes from an unending SPR

Sufficient-Skill9530

This is going to be a fairly meaty post… China inexplicably stopped importing somewhere around 5M-6M barrels per day and have left their refineries sit idle since about the time that Trump visited Xi earlier this year. If I were a betting man, which in a sense I am because I am holding predominantly Canadian heavy crude producers, I suspect that Trump made a deal with China that involved an exchange for influence over Taiwan. If you had to ask me about timing, I don’t think China will hold off imports until midterms and instead Trump asked them to postpone refinery runs until after July 4. Trump’s a two bit flimflam man and the 250 celebration is his big show. I think there is incontrovertible evince that Trump and Bessent are tag teaming oil futures… The key number from the WTI Physical contract: - Non-commercial longs: 360,524 contracts. Non-commercial shorts: 230,223 contracts. Commercial longs: 919,786. Commercial shorts: 1,090,512. The concentration data is the really interesting part: - For WTI on ICE, just 4 or fewer traders hold 35.2% of all short open interest. Eight or fewer traders hold 48.5% of all short open interest. - The CFTC knows who the 4 traders are holding 35% of short interest — but won't publish it. The SEC enforcement chief quit rather than drop cases touching Trump's circle and the CFTC chair is a Trump appointee. - There’s no other way to explain both WTI and Brent being in contango during the greatest energy supply shock in history without it being a coordinated institutional short.  Here’s some more salient info.. - SPR at 340.3M barrels — lowest since July 1983 - 412M barrel coordinated release across 32 nations — sovereign governments confessing physical shortage in real time, not traders being bearish - Global stockpiles drew at a record 4.8 mb/d while prices returned to pre-war levels — the arithmetic doesn't reconcile with "demand destruction explains it" - US distillate/gasoline stocks at multi-decade lows, Cushing near operational minimum; US domestic low prices cannot be explained by Hormuz dark-fleet uncertainty - The SPR release was structured as an exchange (repay 2026–2029 at 18–24% premium)  - Some loaded tankers have left Hormuz, but you can check Rory Johnston twitter posts for daily tanker movement and there’s been nothing out close to prewar traffic nor anything close to balancing the 1.5B barrel deficit  - Brookings calculates all global supply buffers (Russian/Iranian floating storage, IEA releases) exhaust by July 9 — almost exactly when the August WTI contract expires (July 22) - War is still a slow boil; Israel is still in Lebanon, and recently attacked Syria; there’s was also some shit that went down in the Iraq green zone near the US consulate that no one seems to be talking about - Oh, and Russia is getting around 1M barrel per day less out from all the Ukraine attacks which alone would justify some risk premium  - Considering all of this, WTI and Brent are basically flat from where they were before the war started and Exxon is trading at mid-January prices  Sources below… Positioning reports…  - https://research.titanfx.com/cftc/cot-nyoil Look below under “concentration of positions”…  - https://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm Current contract contango…  - https://commoplast.com/news/details/19356/#:~:text=This%20shift%20confirms%20a%20near,and%20%2480%20by%20year%2Dend. Also, this is an article from three months ago about Japan considering shorting oil to stabilize the Yen… - https://www.reuters.com/world/asia-pacific/japan-shifts-focus-oil-unorthodox-scramble-talk-up-yen-2026-03-26/ This is all to say, oil prices do not make sense at the around or below $70. You can tell by the refining crack spread where refineries are making almost $70 overtop of the crude price. That’s insane. The crack spread to turn a barrel of oil into product is basically as much as the barrel of crude itself. All of these anomalies scream to me that Trump panicked about high gas prices interfering with his big 250 celebration and made a deal with China about the future of Taiwan.  There’s some undeniable facts, but a lot of my reasoning is admittedly circumstantial. 

Glum_Anteater1250

Not for long. Their access to the Chinese SPR seems to have just been curtailed and they are now buying on the spot market. [https://oilprice.com/Latest-Energy-News/World-News/Chinese-Teapots-Snap-Up-Middle-East-Crude-As-Prices-Slide.html](https://oilprice.com/Latest-Energy-News/World-News/Chinese-Teapots-Snap-Up-Middle-East-Crude-As-Prices-Slide.html)

MrFyxet99

They waiting for us to get low and then they will start importing again to refill their tanks. Meanwhile we will have to drain our SPR and go balls out refining so we don’t run out of fuel