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Funds grow bullish on crude, cautious on distillates: Kemp
Investors became more bullish on crude oil in the latest week as visible inventories dwindled and Saudi Arabia and its OPEC+ allies extended their production cuts to the end of 2023. But some of the former bullishness about diesel and other middle distillates evaporated on signs of a prolonged manufacturing downturn in Europe and China that could limit cyclically sensitive diesel consumption. Hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Sept. 12. Fund managers have been net purchasers ... (full story)
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- Posted: Sep 18, 2023 10:54pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 73
