Column: Lower oil prices prompt hedge fund short-covering: Kemp

Column: Lower oil prices prompt hedge fund short-covering: Kemp


A petrol send meeter prepares to refuel a automobile in Rome, Italy, Jan 4, 2012. REUTERS/Max Rossi/File Photo



LONDON, July 19 (Reuters) – Faltering lubricator prices, triggered by anxiety over a ordinal gesture of the newborn coronavirus and accumulated certainty OPEC+ would process production, gave portfolio managers a quantity to aggregation profits on tactical brief positions.


Hedge assets and another money managers purchased the equal of 24 meg barrels in the sextet most essential lubricator futures and options contracts in the hebdomad to July 13 (https://tmsnrt.rs/36MgxAw).


The purchase part backward large income of 63 meg barrels the hebdomad before, function records publicised by ICE Futures aggregation and the U.S. Commodity Futures Trading Commission show.


But most of the purchase consisted of repurchases of preceding brief income (+15 meg barrels) kinda than the institution of newborn daylong positions (+8 million), implying it was impelled by profit-taking after prices fell.


Purchases were distribute crossways NYMEX and ICE WTI (+11 meg barrels), Brent (+9 million), U.S. fuel (+4 million) and U.S. diesel (+3 million), but there were income of dweller pedal lubricator (-4 million).


On balance, portfolio managers rest bullish, with the gain function (901 meg barrels) in the 81st score and ratio of daylong to brief positions (5.74:1) in the 77th score for every weeks since 2013.


But there has been lowercase added strategic purchase since the region of February, when criterion Brent futures were already trading at $63 per barrel, compared with around $72 in mid-July.


As a result, the gain function crossways every sextet contracts has cycled around 875 meg barrels +/- 75 meg barrels for the terminal fivesome months with no discernable trend.


Bullishness most creation plainness by OPEC+ and U.S. humate producers and the resulting drawdown in inventories has been moderated by worries most dynamical coronavirus cases and their effect on the feat in lubricator consumption.


This base equilibrise has remained uncastrated finished every the smooth episode over how apace OPEC+ would process creation and disputes most baselines for creation allocations.


Related columns:


– Hedge assets took profits as U.S. lubricator toll impact maximal in more than six-years (Reuters, July 12)


– U.S. lubricator inventories are decent dripless (Reuters, July 9)


– Hedge assets await OPEC+ lubricator creation selection (Reuters, July 5) feature more


– Falling U.S. vulgar stocks entertainer inclose money tending (Reuters, June 28) feature more


Editing by Barbara Lewis


Our Standards: The composer Reuters Trust Principles.




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Column: Lower lubricator prices stimulate inclose money short-covering: Kemp




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Column: Lower oil prices prompt hedge fund short-covering: Kemp

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