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OIL: Hedge Funds Turn Bullish on Oil.

OIL
BulletEnergy BulletsCommodities
  • Hedge Funds increased their bullish positioning on oil with net longs growing through mid-December according to CFTC.
  • The rise represents the biggest gain since September 2023.
  • Oil is faced with a balancing act of potential supply glut, versus potential further sanctions as a last policy from the Biden administration.
  • WTI had a poor week last week but finished higher today at US$69.85 having opened at $69.46.
  • Brent too rose to US$73.28, having closed on Friday at $72.94.
  • Adding to the potential supply glut for 2025, Belarus confirmed it is receiving Russian oil following a shut down.
  • However Russia is forecasting a slowdown in exports next year after Moscow ordered the refineries to focus on domestic markets first.
  • Support for restrictions on OECD restrictions on financing for oil projects has collapsed with the idea of a deal to limit carbon heavy financing now appearing remote. 
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  • Hedge Funds increased their bullish positioning on oil with net longs growing through mid-December according to CFTC.
  • The rise represents the biggest gain since September 2023.
  • Oil is faced with a balancing act of potential supply glut, versus potential further sanctions as a last policy from the Biden administration.
  • WTI had a poor week last week but finished higher today at US$69.85 having opened at $69.46.
  • Brent too rose to US$73.28, having closed on Friday at $72.94.
  • Adding to the potential supply glut for 2025, Belarus confirmed it is receiving Russian oil following a shut down.
  • However Russia is forecasting a slowdown in exports next year after Moscow ordered the refineries to focus on domestic markets first.
  • Support for restrictions on OECD restrictions on financing for oil projects has collapsed with the idea of a deal to limit carbon heavy financing now appearing remote.