Hedge funds and other money managers sold the equivalent of 142 million barrels in the six most important contracts in the seven days ending on March 21, after selling 139 million barrels in the week to March 14.
The fund community liquidated 163 million barrels of previous bullish long positions in the two most recent weeks, while establishing 115 million barrels of new bearish short ones. In absolute terms, the change in positions over the two most recent weeks is one of the largest to occur in either direction in the last decade, three times more than average, implying a fundamental change in the outlook.The banking crisis, which has resulted in the failure of several U.S. regional banks and the enforced rescue of Credit Suisse by UBS, is expected to result in a marked tightening of credit conditions.
At the same time, Russia’s crude and diesel exports have continued uninterrupted, despite sanctions imposed by the United States and its allies, contributing to near-term supply in crude and product markets. The previously expected tightening of the production-consumption balance has been pushed further back into the second half of 2023.
Ultra-low prices are likely to compel a slowdown in new drilling and well completions as well as encourage more gas-fired power generation at the expense of the remaining coal units.
Source: Financial Digest (financialdigest.net)
We sure are glad that hedge funds are looking out for us and our wallets. blessed
An artificially created crisis in the making. One in which we’ll be forced to pay more money and lose more liberty in the fake attempt to manage it.
They should be running to it
Buy XOM and fugat bout it.
Don't worry, the gop is trying their damnedest to make this illegal
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tim Steller's column: Tucson should find a way to keep Sun Tran bus fares freeFor Star subscribers: We shouldn't let a $10 million gap in funding kill off the incredible convenience of free fares on Tucson's buses. Yeah, it means a few more weirdos, but overall, the program is working. Perhaps the city should look at the model in Tempe. They have free smaller buses that go through neighborhoods picking up passengers, if they board a bus on the mainline, there is a fare, just an example of some variations. senyorreporter Steller brushed off his usual rant of social justice & equity. Instead, he wrote of the free fare feel good, failing to address fiscal priorities, or the $25+ million annual hit on the General Fund. Steller can't ponder them, but reflect upon Better Priorities & Better Choices senyorreporter CORRECTION: Sun Tran is ANNUALY a $53 million hole from the General Fund. It is not the right priority - for the City's taxpayers. Turn Sun Tran over to the RTA & invest $53 million more annually on Safe Streets, Police, Fire, Parks & Road Maintenance.
Source: TucsonStar - 🏆 339. / 59 Read more »
Column: Alex Morgan thrills crowd of 30,804 in Wave's season openerStriker's goal breaks tie in 89th minute. Second-year club gets big plays from Jaedyn Shaw, Kailen Sheridan and Amirah Ali.
Source: sdut - 🏆 5. / 95 Read more »
Column: 2023 MLB season begins with new rules, old narratives and the same opening-day dreams'After the success of the World Baseball Classic, Major League Baseball begins its regular season Thursday,' writes PWSullivan 'It’s a little like having dessert before a full-course dinner.'
Source: chicagotribune - 🏆 8. / 91 Read more »
Column: The law is on Trump's tail, and he sounds pretty worriedThe former president has threatened there will be 'death and destruction' if he's indicted in New York. But his biggest troubles may come in other courtrooms. LOL 😆 Desperate Democrats Absurd, at this late stage, to ask if Trump’s “legal troubles” might cause his character and fitness for office to come into question!
Source: latimes - 🏆 11. / 82 Read more »
A busy branch of the Harrisburg YWCA served Black women, girls | ColumnHere's a look at three African American women who led or had ties to the Phyllis Wheatley branch.
Source: PennLive - 🏆 463. / 53 Read more »
Column: Aztecs make time stand still while roaring into improbable Final FourSan Diego State survives stunning 57-56 heartstoppper over Creighton to keep hopes of an improbably national title alive
Source: sdut - 🏆 5. / 95 Read more »