Sentiment in the oil market has shifted dramatically in recent days, with hedge ...
LONDON/NEW YORK - Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand.
Yet, Brent futures LCOc1 have struggled to sustain a move above $65 a barrel and slumped about 7 percent last week, while U.S. futures CLc1 have rarely moved above $60 a barrel. Front-month, or current, futures contracts have not had a massive selloff - but looking at later-dated contracts, the underlying weakness is apparent.
The steady rise in U.S. oil output and demand worries from a protracted Sino-U.S. trade war, however, have weighed on demand forecasts. The International Energy Agency recently cut its expectation for global demand through 2019 and 2020 and said it may cut it again if the global economy - and especially China -show further weakness, while Saudi Arabian exports fell to a 1-1/2-year low in May.
Average 2020 Brent oil prices LCOYstc1 slipped to the weakest in a month at $60.28 a barrel last week. Separately, bullish speculator bets on U.S. crude futures and options on the NYMEX 3067651MLNG are near the lowest level since 2013.
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