The market is awakening to the scope of the risks.
Overall, I think it sent the right message. But at the end of the day, the physical impact of the IEA release was much less than you would have expected. A lot of the market adjustment came from other sources than IEA countries.
In the short term, the main market problem at the refining level is the shortage of product, not inputs. It's mostly a problem of product (gasoline), not crude oil.
There's a combination of strong economic statistics, an increase in geopolitical concerns regarding a variety of oil-producing countries, and bad refining news, and the market has been very spooked. It's a long laundry list of problems.
We've climbed very quickly and strongly so prices are ready for a correction. The fundamentals haven't really changed. The crude market in the Atlantic basin is well supplied.