broad-based inventory declines

  • Oil

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. 

open interest, brent

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. 

Share this news :

You might also read :

ES-oil
February 23, 2022

Brent almost hit $100/b

Brent crude oil hit $99.5 a barrel yesterday before settling back down to $97/b. As we explain in the Daily Eco, the sanctions imposed by the US…
ES-economy
February 21, 2022

Roller coaster

Financial markets continue to move in tandem with news from the Russian-Ukrainian border. At the end of last week, there was widespread pessimism ahead of…
ES-oil
February 1, 2021

Saudi OSPs expected to fall

Brent prompt month futures remained range-bound on early Monday, as newly implemented European travel restrictions were anticipated to reduce gasoline and jet demand in February.…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

START A FREE TRIAL
Subscribe to our newsletter
LOG IN

Don’t have an account yet? 

Sign up here!
[booked-calendar]