{"id":4411,"date":"2019-10-28T14:30:32","date_gmt":"2019-10-28T14:30:32","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=4411"},"modified":"2019-10-28T14:30:32","modified_gmt":"2019-10-28T14:30:32","slug":"oil-market-bulls-regroup-but-dont-bet-on-a-rally-just-yet","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=4411","title":{"rendered":"Oil market bulls regroup, but don\u2019t bet on a rally just yet"},"content":{"rendered":"
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Calgary: Oil bulls are rebuilding their positions, but it will probably take some major news to shake the market out of its current mood and trigger a sustained rally.<\/p>\n<\/div>\n

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Money managers boosted their net-long position on West Texas Intermediate crude for the first time since mid-September in the week ended Oct. 22, data released Friday show. Those bets are still at half the level they reached last month, though, while short-selling wagers have tripled in that period.<\/p>\n

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That signals there\u2019s still a lot of scepticism in the market, despite crude\u2019s 5.4 per cent gain this week. But it also shows there\u2019s growing support for a meaningful rally once short-sellers start unwinding their positions. It\u2019s just that they don\u2019t seem to have a reason to do that yet.<\/div>\n<\/div>\n<\/div>\n
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\u201cWe had some events recently that were unusual, including the unprecedented attacks on Saudi Arabia,\u201d said Stewart Glickman, an analyst at CFRA Research Inc. \u201cThe market saw a quick uptick but then shrugged it off a bit pretty quickly.\u201d<\/p>\n<\/div>\n

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This week was marked by news of a decline in US crude stockpiles, a brief shutdown of a critical pipeline and signs of progress on US-China trade talks. The market has seen similar pieces of bullish news over the past few months that weren\u2019t enough to dispel uncertainty over demand in the face of growing supplies.<\/p>\n

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\u201cEvery other day, it seems like we get a new statement from the [Trump] administration related to the trade talks,\u201d said Gene McGillian, manager of market research at Tradition Energy. \u201cWe\u2019ve gone down this road too many times.\u201d<\/p>\n<\/div>\n

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Money managers\u2019 WTI net-long position, or the difference between bullish and bearish bets, rose 8.5 per cent to 93,856 futures and options, according to US Commodity Futures Trading Commission data. That compares with more than 200,000 about a month ago.<\/p>\n<\/div>\n

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Long-only bets rose 9.3 per cent, while short positions climbed 10 per cent. Short-selling is near a peak reached in January, before massive short covering through the end of April helped support crude\u2019s rally during the first four months of the year.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Calgary: Oil bulls are rebuilding their positions, but it will probably take some major news to shake the market out of its current mood and trigger a sustained rally. Money managers boosted…<\/p>\n","protected":false},"author":1,"featured_media":4417,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[46,48,57,68,76,77,82,86,87,90,96,99,103,107,109,111,113,137,139,146,148,160,174,183,184,201,202,209,222,230,232,233,244,246,249,256,262,263,267,277,279,280,285,288],"class_list":["post-4411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-aramco","tag-athens","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-co2","tag-cyprus","tag-decarbonising","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-peace","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-turkey","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/4411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4411"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/4411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/4417"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}