Overview of Key Overnight Developments on April 3

Data released this week show that the size of the US Strategic Petroleum Reserve is only about 13 million barrels less than its original scale when the reserve system was established. The US Department of Energy's recent call for companies to participate in crude oil exchange programs is part of the action following the March agreement among IEA member countries to release a total of 400 million barrels from their reserves this year. At that time, the US pledged to release 172 million barrels from its strategic reserves, but there has been limited participation from companies in the exchanges since then. Analysts believe that recent supply disruptions caused by hurricanes and other factors may prompt the US government to make further use of its reserves.