In an August 4 Barchart article on crude oil, I wrote, “Crude oil is a highly political commodity that continues to power the world. The geopolitical landscape continues to support higher highs in oil prices, with the U.S. SPR’s low level providing a potential floor for the coming months.”
In that piece, I highlighted the U.S. Strategic Petroleum Reserve’s low level, a missed opportunity to replace SPR barrels when oil prices fell to the U.S. administration’s $67 to $72 range, and the rallies in WTI and Brent futures since the early May 2023 lows.
