IEA releases 60 million barrels of oil

The IEA announced this morning that it would release 60 million barrels of oil. There are thousands of articles on this right now, but no one knows why they did it right now or what prompted this.

Oil prices (at least WTI) have been coming down slowly over the last couple of weeks due to fears about growth so I don’t really understand the timing of this move. Is it simply to bridge the gap until Saudi starts pumping more oil? AFAIK, inventories were building.

Perhaps this is a method of getting stimulus into the system quickly without requiring legislative support?

Hmmm…good timing. This is vacation season, and will help a lot of people travel, which in turn means more tourist dollars, which in turn could boost the economy and fix all of the world’s problems!

My feelings exactly. Why wasn’t this done a couple months ago?

Ah it seems like this was an attempt to break the speculators in Brent crude. That makes some sense. We’ll see how this plays out.

It’s one day of global consumption. If this breaks speculators, I’ll laugh.

Also in the news: Alaskan uber conservative oil company shills go nuts. The comments in the local paper here are freakin’ radioactive!

What kind of stuff? Links?

Yeah, I’d love to see links. Speculation and manipulation, vs regular healthy trade, in commodity markets is so opaque and hard to observe that I’d really love to know who is screaming after a move like this. It’s the screaming party that probably just had their tasty scheme for getting rich and screwing everyone else over blow up.