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Hedge fund bulls left the oil market and sold at the fastest speed in over a year!
As geopolitical risk premiums weakened and the market showed signs of sufficient supply, fund managers' long crude oil positions fell the fastest since March 2023 last week.
UBS: OPEC+ is expected to extend the production reduction agreement for at least 3 months, and oil will rise to $91 in June
OPEC+ will hold its next meeting on June 1, and UBS expects that the organization will agree to extend the voluntary production reduction agreement to maintain the balance of the oil market.
Oil Set to Eke Out Weekly Gain as Supply and Inflation Set Tone
Oil headed for a modest weekly gain as futures stayed in a narrow range, with the outlook for supply and inflation in focus.
Trump's victory will allegedly push to reshape the IEA and shift its focus to fossil fuels
① According to media reports, if Trump enters the White House again, he may push for a change in the director general of the International Energy Agency (IEA) to return the agency's focus to fossil fuels rather than climate change; ② As governments have set energy transition goals one after another, the IEA has now expanded its focus from oil and gas supply to clean energy.
The “God of Crude Oil Trading” backed Cocoa across borders, threatening that the price might soar to more than 20,000 US dollars!
Star trader Andurrand continues to be optimistic about cocoa, and also shared his views on crude oil and copper.
Oil Prices Pull Back as Post-CPI Relief Rally Runs Out of Steam
Oil futures edged lower Thursday, losing ground after a relief rally sparked by data showing a slowdown in key U.S. inflation data ran out of steam.