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Oil Funds Turn Bullish on Brent Outlook

OIL

Portfolio Investors are increasingly bullish about oil as OPEC+ squeeze production in the face of improved demand and rising Israel-Iran geopolitical tensions, Reuters said.

  • Funds have been purchasers in 10 of the last 16 weeks, buying the equivalent of 446m bbl since mid-December, Reuters added.
  • Fund have become bullish about brent, with a net position of 300m bbl and bullish long positions outnumbering bearish shorts by 5.27:1.
  • Continued strength in output growth from shale is adding more caution on US crude prices, with a long-short ratio of 3.93:1.
  • Saudi Arabia have extended their production cuts in Q2, pushing brent to a five-month high.
  • Recent economic data has shown an improvement in manufacturing across the US, China, and even Europe, supporting middle distillate demand.
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