- US Energy Secretary Granholm states it will take 'years' to refill the country's strategic stockpiles.
- Brent crude falls by 4% to $72.68 a barrel, West Texas Intermediate falls by a similar margin to $66.82 a barrel.
- Congressional sale of 26 million barrels and maintenance work at two of the four sites are to blame for the delay in refilling the reserves.
- Granholm indicates the Biden administration will struggle to make significant crude purchases this year.
- The SPR currently holds 372 million barrels of crude, its lowest level since 1983.
Central banks around the world are pausing tightening campaigns as inflation eases and economies slow. Inflation-targeting regimes are keeping their own houses in order, while the US Fed's key inflation gauges fell to the slowest annual paces since late 2021.
Two massive earthquakes on Monday have devastated cities and towns across Turkey and Syria, with death toll of over 16,000. This is one of the worst natural disasters this century, alongside the 2004 Sumatran Tsunami, 2010 Haiti earthquake and 2008 Cyclone Nargis.
A raft of U.S. data and European inflation numbers will give guidance on how the world's top central banks will navigate the way ahead, including the hotly debated "no landing" scenario. Reports on U.S. durable goods orders, home prices, manufacturing and consumer confidence threaten to cement expec