Oil Bulls Piling in Before the Selloff Stand to Get Burned
(Bloomberg) -- Oil bulls that piled into bets on rising crude prices were likely caught flat-footed when the market plunged later in the week.
Money managers increased net bullish positions in Brent by 9%, or 16,116 lots, to reach an eight-week high in the week ended Tuesday. Long-only bets in US crude climbed by 2,575 contracts to the highest in five weeks.
The moves preceded a selloff that saw oil plunge 5% in two days. Investor sentiment turned negative on worries that hawkish central banks would cause economic growth to slow and dent oil consumption.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
Wall Street Weighs ‘Hawkish Cut’ While Tech Shines: Markets Wrap
Oil Rises as Possible Iran, Russia Sanctions Temper Glut Outlook
China’s Weak Winter LNG Demand Provides Relief for Rival Buyers
Oil Edges Higher Ahead of US Inflation Figures and OPEC Report
Oil Slips as Glut Outlook Outweighs Optimism on China Stimulus
Oil Edges Higher as Traders Weigh Fallout From Syrian Upheaval
China’s Solar Industry Looks to OPEC for Guide to Survival
Five Key Charts to Watch in Global Commodity Markets This Week
Oil Steadies as OPEC+ Opts Again to Delay Plan to Restore Output
