Expect buyers for "only a fraction" of the 30 million barrels released
from the US Strategic Petroleum Reserve, says Tudor Pickering Holt.
Amid record
US
crude
inventories "there is no evidence that US refiners need the oil and we
wonder if there is commercial storage space on the
Gulf
Coast
for
30mmbbls," firm says. The most likely buyers, firm says: oil majors,
who'll be in public relations "no man's land" if they don't.
"Imagine
the Congressional hearings with 'Big Oil fat cats' who did not buy SPR oil to
keep prices high," firm says.