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Financials: Speculators Exit Price Rally, Except for Diesel, Gasoline

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Speculators were running for the exits mid-November just before Brent fell below its seemingly steady $90-$100 per barrel trading range, after building bigger positions since mid-October thinking a price rally was around the corner. In a major shift in sentiment, banks and funds reversed positions benefiting from higher crude oil prices and even bought more contracts on ICE in London and the Nymex in New York that benefit from lower prices. Diesel in Europe and the US, and also gasoline were exempt from the run, ahead of an EU ban on Russian imports of all products including diesel from Feb. 5.

Topics:
Oil Futures and Derivatives, Oil Prices, Oil Supply, Crude Oil, Oil Products
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Current price spreads indicate that the supply tightness that has defined oil markets in recent months has diminished.
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