Column: Oil market falls into holiday torpor

The short-covering rally in petroleum prices lost momentum last week due to prices and positions reaching long-term averages, as well as the seasonal slowdown in trading and investment activity. Hedge funds and money managers made no net change in their combined position in oil-related futures and options contracts, with bullish sentiment higher for refined fuels than for crude petroleum. Meanwhile, positions in U.S. natural gas remained unchanged as fund managers reduced both long and short positions as a risk-reducing measure following recent price and position increases.

reuters.com

Relevant topic timeline:

8/22/2023

COLUMN-Oil market falls into holiday torpor: Kemp

The short-covering rally in petroleum prices stalled as prices and positions reached long-term averages and the summer holiday season caused a slowdown in position-taking by hedge funds and other money managers.

8/30/2023

Treasury market sees growing divergence between investors and their positions

Hedge funds are increasing their short positions in the Treasury market, while asset managers are going long, reflecting different views on the U.S. economic outlook and causing volatility in the 10-year Treasury yield.

9/5/2023

Oil prices up 25% since late June as supply cuts squeeze market

Oil prices jumped over 2.5% after OPEC+ members extended supply reductions, with Brent International topping $90 per barrel and West Texas Intermediate hovering above $87 per barrel, as Saudi Arabia announced an extension of its production cut and Russia reduced its exports. Despite slow recovery and increased production, crude futures have rallied more than 25% since late June, with experts predicting prices to continue rising unless a recession occurs. China's demand for petrochemicals has been dampened, but their mobility demand post-lockdowns has offset this.

9/6/2023

These Stocks Are Moving the Most Today: Zscaler, GitLab, Asana, and More.

Stock futures decline as higher oil prices and rising bond yields grab investors' attention, with Zscaler, GitLab, Asana, and more stocks experiencing significant movement.

Topics

Posted 8/22/2023, 1:00:00 AM