“Crude Oil Prices Dip as Hedge Funds Turn Bearish, Trafigura Predicts Drop to $60 per Barrel”
Hedge funds and other money managers have taken a bearish stance on crude oil, with net longs totaling only 139,242 lots in the week ended September 3. As oil market experts gathered in Singapore for the annual Appec conference, Trafigura’s head of oil trading, Ben Luckock, predicted that oil prices would soon plummet into the $60s due to weakening demand in China.
US investment bank Citi has revised its 2025 price forecast to just $60 per barrel, leading to a general downward trend in outlooks. Morgan Stanley and Bank of America have both slashed their expectations to $75 per barrel. The contango in crude oil futures could potentially flip as the ICE Brent 36-month spread between the November 2024 and November 2027 contracts shrank to $2 per barrel, down from $9 per barrel a month ago.
Market Movers:
– A fire at Mexico’s largest refinery, Salina Cruz, operated by Pemex, resulted in the tragic deaths of two workers.
– Pembina Pipeline agreed to purchase infrastructure assets in Alberta’s Montney basin from Veren for $300 million.
– ExxonMobil has reportedly backed out of buying a stake in the Mopane offshore discovery in Namibia from Galp Energia.
In the midst of these developments, oil prices continued to decline, with ICE Brent falling below $70 per barrel. OPEC revised its global oil demand growth forecast for 2024 and 2025, cutting this year’s outlook to 2.03 million b/d and next year’s to 1.74 million b/d. Additionally, Shell paused drilling operations in the Gulf of Mexico due to Tropical Storm Francine.
In conclusion, the current bearish sentiment in the oil market, driven by factors such as weakening demand in China and oversupply concerns, has led to a downward trend in oil prices. Investors and consumers should be prepared for potential fluctuations in the oil market and consider how these developments may impact their finances and daily lives. Title: Unlocking the Secrets of Real Estate Investment: A Comprehensive Guide
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