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U.S. Crude Oil, Gasoline, Cushing See Inventory Dips
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Charles Kennedy
Charles is a writer for Oilprice.com
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Crude oil prices continued their climb on Monday with gains of over 2% heading into the next OPEC+ meeting on November 26, where the expanded cartel is expected to further bolster voluntary output cuts.
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Goldman Sachs said earlier on Monday that it wasn’t ruling out deeper OPEC+ production cuts “given the fall in speculative positioning and in timespreads, and higher-than-expected inventories.
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Likewise, ING cautioned that the “oil balance for the remainder of this year is not as tight as initially expected”, referring to higher supply and predicting a surplus in the first quarter of next year.
According to Reuters, hedge funds and major money managers have cut their positions in petroleum by 338 million barrels since September 19, led by sales in crude oil last week of 16 million barrels. As of November 14, Reuters aid funds held a net position of only 78 million barrels of NYMEX and ICE WTI–a low not seen since 2013.
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According to Bloomberg, hedge funds have reduced the oil bets to the point that they are more bearish than they have been in 20 weeks. All of this is leading to predictions that OPEC+ will attempt in the least to maintain existing cuts, if not broaden those cuts.
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By Charles Kennedy for Oilprice.com
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