Did the Biden admin send up a trial balloon on the SPR strategy without major success? Meanwhile, energy- and foodflation sadly continues across traded markets. It will not be an easy afternoon for the Fed.
There is a sudden smell of 2021/2022 in the air again as Muftis and Zars suddenly have the upper hand in energy markets again. Can Bin Salman make life difficult for the West in Q4?
Saudi Arabia once again attempts to gain the upper hand in the oil-market. There is no doubt that the frosty relationship between MBS and Biden plays a part in the ongoing oil-tango, but will Saudi Arabia succeed? We doubt it.
Will Biden strike back on OPEC+ with an SPR release this week? We watch the EIAs short-term energy outlook today ahead of an interesting inflation week.