Oil Skeptics Let a Little Sunshine In

17 Jul 2017   Prices

Managed-money WTI net-longs rise by most in seven weeks Short positions decline to lowest level in four weeks Oil skeptics are letting a little sunshine in. After the worst June for oil in six years, hedge-fund bets on declining West Texas Intermediate retreated. That made room for futures to rebound more than 5 percent last week on optimism that the summer will finally boost demand for crude and gasoline. “The market is starting to recognize that demand is a little better than what has been the consensus view so far this year,” Matt Sallee, who helps manage $16 billion in oil-related assets at Tortoise Capital Advisors in Leawood, Kansas, said by telephone. While doubts persist that the Organization of Petroleum Exporting Countries and its allies will manage to bring the oil market back to balance anytime soon, the mood improved as the International Energy Agency said world demand is […]

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