Growing economic concerns have caused speculators to leave the oil market, with open interest in U.S. crude oil futures at a three-year low.
With economic uncertainty in the U.S., a slower-than-expected demand recovery in China, and a new OPEC meeting looming, volatility isn’t going anywhere.Concerns about the economy and new banking sector jitters have sent oil traders rushing for the exits and cutting their bullish bets on crude oil again.
The previous large drop in bullish bets had taken place right before early April when the OPEC+ group After the production cuts were announced, prices spiked for two weeks until the middle of April, before negative sentiment about the economy and underwhelming Chinese recovery took over again and drove prices back down to the low $70s. WTI Crude even fell below the $70 a barrel mark last week.
“In short, the oil market needs more players on the field,” Michael Tran, managing director at RBC Capital Markets, toldBut in the week to May 2, money managers cut their long positions and added short positions, cutting their net bullish bets in both WTI Crude andDriven by heavy selling in energy, bullish bets on the major commodities futures plunged by one-third in the latest reporting week to the lowest since June 2020, Ole Hansen, Head of Commodity Strategy at Saxo Bank,The technical...
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