ART CASHIN: Traders Think rumours Of A Strategic Petroleum Reserve Release May Be Coming From Across The Pond


Photo: on flickr

What are we going to do about high oil and gasoline prices?Many analysts think that the next move is to tap the U.S. Strategic Petroleum Reserve.

The question is “When?”

Every now and then, a rumour circulates that a release of the SPR is imminent.

But where are these rumours originating from?

Some traders think that they might be coming out of Europe.

From today’s Cashin’s Comments:

Weak Oil And European Fears Weigh On Equities – Continuing rumours about possible releases from the Strategic Petroleum Reserve put pressure on crude again and that put pressure on energy stocks.

The rumours are thought to come from France where they have an election coming up shortly.  Offering some relief at the pump is not bad election politics…

France’s presidential election is one of the most closely-watched of the many elections this year.

SEE ALSO: 5 Art Cashin Brain Teasers That Drove Wall Street Bananas Last Week >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.