G7 Oil Stocks Release Is A Band-Aid Fix in Broken Fuel Market

Crude oil prices and middle distillate cracks slumped at the end of last week as the G7 group of nations announced the release of 100 million barrels of oil stocks over four months, including a front-loaded substantial diesel release within the first 20 days by G7 members and partners. The market welcomed the release announcement with lower oil prices. Gasoline and diesel prices in the United States have also dropped in the past few days, as the U.S. crude oil benchmark, WTI, slumped to about $90 per barrel and some states introduced a motor fuel…