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10.03.26 - 16:21
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Stocks Jump, Oil Tumbles After IEA Calls Extraordinary Meeting To Decide On SPR Release (ZeroHedge)
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Stocks Jump, Oil Tumbles After IEA Calls Extraordinary Meeting To Decide On SPR Release
With oil reversing much of the overnight losses as we neared the start of US cash open trading, futures slumped and it felt like we were back to square one.
That's when the jawboning out of the G7 members - many of whom are already at their breaking point in terms of soaring input costs - decided to double down on the jawboning rhetoric from yesterday - and hinted strongly that an SPR release could be imminent.
The narrative peaked just around 10:20am ET, when the head of the IEA, Fatih Birol, said that after the IEA hosted a G7 Energy Ministers Meeting, chaired by Minister Roland Lescure of France, on the current oil & gas market situation, tonight there would be an "extraordinary meeting of IEA Member governments later today to assess market conditions."
Today @IEA hosted a G7 Energy Ministers Meeting, chaired by Minister Roland Lescure of France, on the current oil & gas market situation
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