Oil & Gas Prices - Mar

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dan_s
Posts: 34465
Joined: Fri Apr 23, 2010 8:22 am

Oil & Gas Prices - Mar

Post by dan_s »

Closing Prices
> Prompt-Month WTI (Apr 23) was up $1.69 on the day, to settle at $69.33
> Prompt-Month Henry Hub (Apr 23) was up $0.125 on the day, to settle at $2.348
Dan Steffens
Energy Prospectus Group
ChuckGeb
Posts: 945
Joined: Thu Nov 21, 2013 2:46 pm

Re: Oil & Gas Prices - Mar

Post by ChuckGeb »

Investors dumped oil as banking crisis erupted: Kemp - Reuters News

22-Mar-2023 13:03:11

LONDON, March 22 (Reuters) - Portfolio investors dumped petroleum futures and options at one of the fastest rates on record in the early stages of the banking crisis, as traders anticipated an increased probability of a recession hitting oil consumption.

Hedge funds and other money managers sold the equivalent of 139 million barrels in the six most important futures and options contracts over the seven days ending March 14.

The volume of sales was the 12th largest in the 522 weeks since ICE Futures Europe and the U.S. Commodity Futures Trading Commission started to publish records in this form in 2013.

Fund managers have sold a total of 148 million barrels since the end of January, taking their combined position to 432 million barrels (20th percentile for all weeks since 2013).

In the most recent week, there were heavy sales of Brent (-65 million barrels), NYMEX and ICE WTI (-59 million), U.S. gasoline (-12 million) and European gas oil (-7 million), with only minor buying of U.S. diesel (+4 million).

Investors have become much more cautious about the outlook for oil prices since the end of January in response to persistent inflation, rising interest rates and a crisis of confidence engulfing banks in North America and Europe.

Bullish long positions outnumber bearish long positions by a ratio of 3.42:1 (37th percentile) down from 5.93:1 (80th percentile) on January 24.
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