G7 Affirms Pre-Summit Support for "Principally Using Strategic Petroleum Reserve"; Intraday Opening by Four Oil Whales Countering Long Positions

BlockBeats News, March 11th, according to Hyperinsight monitoring, since the announcement of G7 leaders holding a conference call this morning at 8 o'clock, whales on Hyperliquid have opened long positions of over a million dollars in CL (WTI crude oil), with the average entry price concentrated in the $83 to $84 range. An address starting with 0x519 has even tracked a long position of $2.07 million in size in the past hour. As the oil price rises, CL on Hyperliquid is currently trading at $86.3, and all four whales have already recorded significant unrealized gains.

On the news front, according to Wall Street News, in the past hour, the IEA plans to tap into 400 million barrels of strategic reserves, and the G7 group stated that they "principally support the use of strategic crude oil reserves.” The 8 a.m. announcement this morning stated that G7 leaders will hold an emergency conference call at 22:00 Beijing time to specifically discuss the Iran crisis and the surge in energy prices. If substantial reserve release measures are announced after the meeting, it will directly pressure oil prices downward; if it remains only as verbal statements, market reaction may be relatively limited.