- WTI was up 1% Tuesday morning as European Union nations remain split over the next steps to take against Russia
- The EU has said it plans to phaseout Russian coal imports but shied away from sanctioning the country’s oil and gas for now (Bloomberg)
- The U.S. and U.K. have already moved to ban Russian oil
- The U.S.’s release from its strategic petroleum reserve (SPR) will be short-lived (BBG)
- The SPR release should help ease concerns by alleviating short-term physical pressure, but the effects probably won’t last much beyond the six-month promised release
- AEGIS notes that knowing the SPR will likely need to be restocked in the future will mean more oil demand