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.

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8/22/2023

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.

8/25/2023

Why the Stock Market’s Summer Doldrums Are Not a Problem

After a strong rally, the stock market's rapid climb stalled in August, which could be seen as a relief as a choppy market with periodic downturns is more sustainable and advantageous in the long run.

8/29/2023

Dow Jones Today: S&P 500 Has Best Day Since June on Signs of Cooling Labor Market

Stocks rally as job openings decline in July, bonds rally on softening job market and odds of interest rate pause, court rules SEC needs more reasoning to block Grayscale's Bitcoin ETF, and other market movements.

8/31/2023

Stock Market Today: Dow Set to Open Higher; Premarket Movers; Bitcoin and Crypto News

Markets show signs of slowing after new economic data, with focus on Friday's jobs report and the possibility of a pause on rate increases. Oil prices are impacted by Chinese factory activity and expectations of supply cuts.

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.

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