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Oil Traders Pile Into $70-a-Barrel Longer-Term Crude Price

From bnnbloomberg.ca

Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply. Since hitting their high for the year last month, the most-active oil futures have fallen almost 5%. By comparison, those for late 2022 and 2023 have barely moved, sticking above $70 a barrel. With nearby contracts rattled by U.S.-led efforts to boost supply -- and the potential for an OPEC+ backlash -- those further out are being boosted by dwindling investment in production, and a dearth of producers selling deferred futures to lock in their future sales. For much of the past two months, the ... (full story)

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  • Category: Fundamental Analysis