Commodity Trade Mantra

Posts Tagged ‘Saudi Aramco’

Can Crude Oil Prices Continue To Rally Like This?

Oil prices have bounced around a bit after last week but have held more or less in the range of $43 per barrel for WTI and $45 for Brent. The price gains over the past few weeks come as the fundamentals have improved. Oil production is expected to continue to fall through 2017 as too few new wells come online to replace rapidly falling shale output.

Oil Markets Increasingly Bullish As Long Positions Surge

The latest CFTC data show that short positions in WTI crude oil shrank again last week, dropping by 20% to the lowest level since June. In combination with a 2.4%t increase in long positions, net-longs increased by 17% – to the highest level since last June. Once again, this increase shows ‘much less bearish’ positioning, as opposed to ‘much more bullish’.

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