Advertisements

Traders already desensitized to oil shortage stories

by Joy

On June 7, according to media sources, some industry analysts said that traders did not believe the oil shortage.

Each time OPEC announced production cuts, oil prices initially rose, but after a day, the gains faded.

Advertisements

Over the past six weeks, institutional traders have reduced their positions in crude oil and fuels by 238 million barrels, the lowest in those contracts since 2013, industry analyst John Kemp said in a note earlier this week. One of the weekly positions.

Advertisements

Lately, institutional oil traders seem to have been focusing on consumption. That could backfire if analysts who almost exclusively predict a sharp rise in oil prices in the second half of the year are right.

But if traders’ fears of a recession materialize, oil prices will be well below $100 a barrel. In fact, oil prices could fall even further.

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News