Bitcoin could react to new 40M barrel US oil sale before a single barrel is delivered
Summary
The US Department of Energy is offering up to 40 million barrels of Strategic Petroleum Reserve crude, with bids due October 6 and any deliveries scheduled for November and December. The offer is part of an existing 172-million-barrel release commitment; no oil has yet been awarded. Because the barrels cannot arrive before the September 30 PCE report, they will not affect its August data. Any impact on Bitcoin would be indirect, through oil-price expectations, inflation, bond yields and Fed-rate expectations. The article says there is no evidence the offer has moved markets or Bitcoin. The quantity ultimately awarded will determine how much supply could reach buyers.
