Oil prices rebounded slightly today after yesterday’s rout despite the DOE saying that “all tools are always on the table”, referencing an FT article yesterday where the US Secretary of Energy was quoted as saying they are considering tapping into the SPR and a potential export ban. “The crude market might be less tight should the United States tap the strategic crude reserves and if Russia manages to send more natural gas to Europe, this might result in less substitution from natural gas to crude,” said UBS analyst Giovanni Staunovo. US oil drillers have continued to show restraint despite the latest rally, which is giving OPEC+ more leverage. WTI traded up $.87 or 1.12% to close at $78.30. Brent traded up $1.39 or 1.71% to close at $82.47.