Fears of Too Much Oil Bring Short-Selling Back - Bloomberg:
"Short-selling is creeping back into the oil market as fears increase that the U.S. will be awash with oil again.
Hedge funds boosted bets on falling West Texas Intermediate crude prices by the most this year after American production surged to record levels. While OPEC this week reaffirmed its commitment to rebalancing the market, U.S. fields are forecast to be gushing 11 million barrels a day by October.
“If you’re taking a speculative short position, you’re looking at what U.S. production is going to do,” Ashley Petersen, an analyst at Stratas Advisors, said in a phone interview. “There’s starting to be a little bit of a turn in sentiment.”"
'via Blog this'
No comments:
Post a Comment