Goldman: U.S. SPR crude releases to have modest price influence
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FILE PHOTO: The Goldman Sachs company logo is seen in the company’s space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid
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(Reuters) – The Biden administration’s plan to continue releasing the Strategic Petroleum Reserves (SPR) “as appropriate” to bring down retail rates poses limited downside from current crude price levels, Goldman Sachs (NYSE:GS) said in a note dated Thursday.
President Joe Biden on Wednesday said the United States will sell 15 million barrels (mb) from the nation’s SPR by year-end, intended to prevent oil price spikes in the wake of a decision by OPEC+ oil-producing nations to cut oil production.
The announcement, however failed to ease oil prices, as official U.S. data showed the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly. [EIA/S] [O/R]
“We find incremental SPR sales as the most likely action (16 mb is available from FY2023 Congressionally mandated sales), although this remains price dependent… Such a release is likely to have only a modest influence (
