Financials: Speculators See Little Upside to Brent Price

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Peak summer demand is around the corner and Opec-plus production cuts are in place. That should tighten oil supply and demand fundamentals, say all major forecasters, and also firm up prices. But speculators — the banks and funds that also make those forecasts — see little upside for an immediate rally in crude oil prices, especially those dealing with Brent. For every two positions betting on higher crude prices is now nearly one contract that would benefit from falling prices — an uncommon bearish ratio; in February the ratio was still 11-1, signaling an unwavering bullish market.

Oil Trade, Crude Oil, Oil Products
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