A bit of a non-event last night in the oil market as we did a full circle up and then down to where started at $48.58 as I write. Not much in news except a little on US inventories from the WSJ:
On Monday, data provider Genscape Inc. told clients that stockpiles in the key storage hub of Cushing, Okla., rose in the week ended Friday, according to two market participants. Cushing inventories rose to record highs in April, and some market participants say that supplies there could exceed those highs in the fall, when refineries buy less crude oil while performing seasonal maintenance.
We might ask where the market goes from here? John Kemp takes a punt:
Hedge funds remained unusually bearish on U.S. oil prices last week even as the cost of WTI tumbled towards the lowest level since 2009.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Hedge funds remained unusually bearish on U.S. oil prices last week even as the cost of WTI tumbled towards the lowest level since 2009.
