The market is currently left guessing on the size and timing of a possible Chinese strategic petroleum reserve release. Thursday’s news that China is carrying out crude oil release preparations is putting further downwards pressure on prompt crude prices. That’s according to Rystad Energy’s head of oil markets Bjornar Tonhaugen, who added that the market is currently left guessing on the size and timing of a possible Chinese strategic petroleum reserve release. “Judging by the mild negative reaction in prices … [on Thursday], the market seems to be expecting a limited amount, which in any case would be auctioned to Chinese refiners,” Tonhaugen said in a statement sent to Rigzone on Thursday. “To put numbers in perspective, the first ever SPR release by China in the autumn of 7.4 million barrels is less than a day’s worth of Chinese crude imports. To meaningfully impact prices over a month, a […]