Following a 10% slump in two weeks, oil prices jumped by 5% on Monday as concerns about the banking sector eased and 400,000 bpd of crude exports from Kurdistan were shut in.
Hedge funds and other money managers sold WTI and Brent at the fastest pace in more than a decade in the two weeks to March 21. The combined net long position in WTI and Brent plunged to a three-year low, with WTI selling particularly hard, which sent the net long position to the lowest since 2016, Hansen noted. The total net long in the petroleum complex has now plummeted by 50% since mid-January when demand from China’s reopening was the market focus, he added.
“The latest data show that most of the gross longs that we saw added over January and February have now been closed out. Given the more neutral spec positioning, this leaves speculators with quite a bit of room to push the market higher,” ING strategists Warren Patterson and Ewa Manthey“Although, obviously for that, we will need to see a change in sentiment and an easing in concern over recent developments in the banking sector.
The more balanced speculative positioning of money managers also means that there could be an upside for oil from here, barring another major scare in the banking sector. – have slashed their oil price forecasts for this year following the plunge in prices, but they still expect oil prices to average more than $80 per barrel, and even over $90, in 2023. in prices led by China.
“While economic-dampening monetary policy will impact spending and tighten credit conditions, it will also affect available capital for oil and natural gas development that will take months to recover, resulting in a tighter supply outlook in the second quarter,” Ed Longanecker, president of the Texas Independent Producers & Royalty Owners Association, toldMeanwhile, China’s economic growth could exceed official targets, and consumer mobility and spending could surge after the reopeninga...
Market volatility is likely to remain high, but a strong rebound in Chinese oil demand amid constrained supply growth could move oil prices higher later this year.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Shale oil drillers left exposed after pulling back price hedges\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Consulte Mais informação »
Shale oil drillers left exposed after pulling back price hedges\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Consulte Mais informação »
Is the oil price bounce on?\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Consulte Mais informação »
Diesel 17p more per litre than petrol despite oil price fallsDifference between price per litre is 'scandalous' given similar wholesale costs, RAC says.
Consulte Mais informação »
Diesel 17p more per litre than petrol despite oil price fallsDiesel is being sold for about 17p per litre more on average than petrol, despite wholesale costs falling to similar levels, a motoring group said. Read more here:
Consulte Mais informação »
Oil Prices Get Another Boost As U.S. Crude Oil, Product Inventories Fall | OilPrice.comAPI data shows major 6.076M barrel decrease in U.S. crude oil inventories 📉 Market surprises with a boost in oil prices CrudeOil EnergyMarket
Consulte Mais informação »