Portfolio investors have become exceptionally bearish about crude oil as global economic growth slows and production cuts from Saudi Arabia and its OPEC⁺ allies have failed to lift prices.
Hedge funds and other money managers sold the equivalent of 64 million barrels in the six most important petroleum-related futures and options contracts in the seven days ending June 27.
Fund managers had accumulated 136 million barrels of gross short positions in NYMEX WTI, the most since 2017. Global petroleum inventories have been trending higher for a year and are close to the prior 10-year seasonal average, sapping the former bullishness among investors.From a positioning perspective, extreme pessimism towards crude prices and lopsided positions are creating potential for an explosive rally in future.
Hedge funds and other money managers cut long positions by -131 billion cubic feet and short positions by -137 billion cubic feet leaving the net position essentially unchanged.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Column: Column: Former Negro League player spoke clearly on patriotism, respect for the flagNeale 'Bobo' Henderson, a San Diego High graduate and former Kansas City Monarch, used 2007 platform to teach kids a valuable lesson
Read more »
Americans will spend an extra $1 billion on healthcare each summer due to extreme heat: ReportThe U.S. could soon be paying an additional $1 billion in healthcare expenses each summer due to forecasts of continuing waves of extreme heat in the near future, a new report finds.
Read more »
House Republicans scared to lose majority push back on extreme agendaThe House’s focus on the far-right’s demands over the past month has irritated Republicans who represent swing districts or are worried that an extreme legislative agenda will push voters away and hand the House majority to Democrats in 2024.
Read more »
How extreme heat from climate change distorts human behaviorAs temperatures rise, violence and aggression go up while focus and productivity decline. The well off can escape to cool spaces; the poor cannot.
Read more »
Column: What to watch in 2nd half of Chicago Cubs season'Whether the Cubs are meeting their internal projections remains to be seen, but at the very least they should remain in contention in a mediocre division,' writes PWSullivan
Read more »
Extreme Venomverse #4 Preview: Attack of the Killer HouseplantSee what happens when Marvel shifts the symbiote spotlight to flora in Extreme Venomverse 4. Get ready for a fresh take on Venomverse this Wednesday! NewComicDay MarvelComics
Read more »