SPR weapon 'fizzled'

07/11/2011
Sam FletcherOGJ Senior WriterMarkets shrugged off the International Energy Agency’s release of 60 million bbl of crude and petroleum products from emergency government supplies in a vain attempt to drive down energy prices. “The secret weapon just fizzled,” said Paul Horsnell, managing director and head of commodities research at Barclays Capital in London. Strategic petroleum stocks held by the US and other developed countries against emergency shortages “seem to be more powerful in the imagination than they are in reality,” Horsnell said. “In this case the more the market looked at it, the more the secret weapon looked like a pop gun.”On June 23...
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