Hedge Funds’ Bearish Oil Bets Put Pressure on OPEC Ahead of Meeting
(Bloomberg) -- Hedge funds slashed their bets on oil to the most bearish position in 20 weeks, providing a formidable obstacle for OPEC’s efforts to support prices as it prepares for a meeting later this month.
Money managers cut their bullish Brent and West Texas Intermediate oil bets by 18,829 combined net-long positions to 252,261 in the week ending Nov. 14, the lowest level since June 27, data from Intercontinental Exchange Inc. and the US Commodity Futures Trading Commission showed.

Oil capped its fourth straight weekly decline Friday as soft trade data from China and fresh doubts about whether the Federal Reserve has finished raising rates clouded the outlook for demand. At the same time, supplies have been exceeding expectations in recent weeks, causing prices for real-world barrels to soften steadily.
Crude rebounded on Friday on rising expectations that OPEC and its allies will work to counteract the recent plunge at their next meeting on Nov. 26. WTI may also see high volatility on dwindling volumes as the front-month contract nears expiry.
©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 utilities news

Car Dealers Press Biden to Ease US Electric Vehicle Mandates
Nov 28, 2023
EDF is Selling Europe’s First Green Bond For Nuclear Energy
Nov 28, 2023
Mozambique Approves $80 Billion Energy Transition Strategy
Nov 27, 2023
South Africa’s Eskom Reduces Power Cuts as Reserves Restored
Nov 26, 2023
Sunak Will Pledge UK Support for New Climate Damage Fund at COP28
Nov 25, 2023
Trader Error Causes Huge Plunge in Finnish Power Prices
Nov 23, 2023
BNP Paribas Cracks Down on Mining Clients Exposed to Coal
Nov 23, 2023
Poland May Want US Firms to Buy Equity Stake in Nuclear Project, Tusk’s Aide Says
Nov 17, 2023
Xi, Kishida Agree to Seek to Resolve Fukushima Water Dispute
Nov 17, 2023
US-China Climate Deal Builds Momentum for Stronger COP28 Outcome
Nov 15, 2023
There is a lot of hope in hydrogen
Nov 17, 2023
The important role of Scope 3 emissions in a circular economy
Nov 16, 2023
Realising the power of AI to drive real-time optimisation
Nov 15, 2023
SERTECPET focused on promoting sustainability in the oil and gas sector
Nov 15, 2023
Digitalisation can act as a driver for decarbonisation
Nov 14, 2023
The trillion-dollar opportunities on the road to net zero
Aug 16, 2023
Unlocking growth opportunities in sustainable finance
Jul 12, 2023
Decoding the trends shaping the future of energy
Jun 14, 2023
Exploring ESG’s critical role in the journey to net zero
May 18, 2023
Clearing the air on carbon markets in the Middle East
Apr 26, 2023Partner content

IT/OT convergence: balancing agility and reliability

Technologies that can help the oil and gas industry decarbonise

World-class energy management systems can shape a sustainable future

Automation is the key to LNG present and the future scenario for hydrogen
