This constitutes a day’s and a half supply of US oil consumption. I doubt speculators are going to intimidated out of the markets over that.
Crude oil is a global commodity. Right now the world consumes 90 million barrels of oil per day. The total release from all reserves is 60 million barrels. That represents two-thirds of one day's oil global consumption.
So you are right that this shouldn't intimidate oil speculators. Often times oil speculators play both sides of the equation. They might be long on a contract set to expire next month and short on a contract set to expire in 3 nmonths...so to them this was a non-event.