# OIL FUTURES: US SPR release, OPEC+ output hike send crude sharply lower | S&P Global

> NYMEX May WTI settled down $7.54 at $100.28 a barrel and ICE May Brent fell $5.54 to $107.91 after the White House announced it would release up to one-third of the U.S. Strategic Petroleum Reserve over six months. OPEC+ also confirmed its planned output increase.

- Date: 2022-03-31 · published 2022-03-31T12:00:00.000Z
- Category: policy · region US · magnitude high
- Page: https://feedsoft.ai/events/11048-oil-futures-us-spr-release-opec-output-hike-send-crude-sharply-lower-s-and-p
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A release of 1 million barrels a day from the SPR adds substantial supply, pushing crude and diesel prices lower. Analysts noted the release is temporary and may not solve the underlying supply shortfall.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-04-01 | 5 | -13.5% | -3.3 | On March 31 Brent fell $5.54 and WTI $7.54 after the SPR release announcement and OPEC+ confirmed its output increase, a direct supply-driven selloff. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| WTI | 2025-11-01 | [Oil settles lower as OPEC plans to increase oil output](https://feedsoft.ai/events/22562-oil-settles-lower-as-opec-plans-to-increase-oil-output.md) | -2.0% | -3.4% |
| WTI | 2022-03-31 | [Oil Futures Fall 5% as Biden considers Huge SPR Release](https://feedsoft.ai/events/9140-oil-futures-fall-5-as-biden-considers-huge-spr-release.md) | -10.6% | -2.2% |
| WTI | 2021-06-01 | [Oil better? OPEC+ confirms plan to hike crude output through July \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/46495-oil-better-opec-confirms-plan-to-hike-crude-output-through-july-opec-news-al.md) | +4.4% | +10.0% |
| WTI | 2025-04-03 | [OPEC+ unexpectedly speeds up oil output hikes, oil drops \| Reuters](https://feedsoft.ai/events/7293-opec-unexpectedly-speeds-up-oil-output-hikes-oil-drops-reuters.md) | -13.1% | -16.5% |
| BRENT | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -0.3% | -4.5% |
| BRENT | 2025-11-01 | [Oil settles lower as OPEC plans to increase oil output](https://feedsoft.ai/events/22562-oil-settles-lower-as-opec-plans-to-increase-oil-output.md) | -2.4% | -2.5% |
| BRENT | 2022-03-31 | [Oil Futures Fall 5% as Biden considers Huge SPR Release](https://feedsoft.ai/events/9140-oil-futures-fall-5-as-biden-considers-huge-spr-release.md) | -11.9% | -6.8% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/033122-oil-futures-us-spr-release-opec-output-hike-send-crude-sharply-lower

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.