Crude collapse
The collapse in refining margins was a prelude to the significant downward correction experienced on Brent and WTI markets. Crude prices dipped by more than…
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Last week’s crude oil price decline was likely caused by a broad selloff in Brent and WTI futures, as total open interest declined significantly. Looking at ICE Brent futures positioning, every category (managed- money, merchant players, swap dealers) reduced their exposure, as volatility was expected to rise, amid an uncertain OPEC+ production policy.