Alison Sider of the Wall Street Journal summarizes the year here…
”Investors and traders grew frustrated during the first half of the year, as a pact made by the Organization of the Petroleum Exporting Countries and other major producers in late 2016 appeared to have little effect on the global supply glut. Stockpiles remained stubbornly high and by late June, U.S. crude futures tumbled into a bear market.
But prices eventually clawed their way back as production growth in the U.S. ebbed, geopolitical risks intensified, and supply disruptions rose.”
Speculative positions in WTI and Brent crude oil are very (extremely?) long now:
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