According to StanChart, money-manager positions across the four main Brent and WTI futures contracts became shorter by 184.6 million barrels over the past two weeks.
in March triggered massive capital flight from oil to precious metals as panic spread that this could be the early innings of yet another banking and financial crisis.
Predictably, oil prices cratered to multi-year lows in a matter of days before mounting a half-hearted rally thanks to the 2nd of April decision of some OPEC+ members to make voluntary output cuts.According to StanChart, money-manager positions across the four main Brent and WTI futures contracts became shorter by 184.6mb over the past two weeks, a pace only exceeded by the increase in speculative shorts after the SVB collapse, and at the start of the pandemic.
According to the International Energy Agency, global oil consumption remains on track to rise by 2M bbl/day this year to an all-time high 101.9M bbl/day. Inventories are gradually tightening and should deplete further as OPEC+ implements new production cuts. Crude oil inventories have fallen below the five-year average for the first time this year. Last week, implied gasoline demand rose by 992 thousand barrels per day w/w to a 15-month high of 9.511mb/d.
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