The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Reports of oil rally's death premature as inventories decline

Pubdate:2016-04-11 10:32 Source:mcc Click:
NEW YORK (Bloomberg) -- Hedge funds betting that oil’s rally was over missed an 11% gain after U.S. crude inventories unexpectedly fell.
 
Short positions in West Texas Intermediate crude jumped 35% in the week ended April 5, according to the U.S. Commodity Futures Trading Commission. The next day, the government reported a 4.94 MMbbl drop in U.S. oil inventories, the first decline in eight weeks.
 
"Everybody thought there was going to be a build in the inventories" and the actual data proved otherwise, said Carl Larry, director of oil and gas issues in Houston for consultant Frost & Sullivan, Inc. "The market’s bouncing back a little."
 
WTI oil for May delivery dropped 6.2% to $35.89/bbl on the New York Mercantile Exchange during the report week, before rebounding to $39.72 April 8.
 
Expected Increase
 
The drop in supplies ran counter to analysts’ forecasts for an increase. Production declined to the lowest level since November 2014 while refiners used the most crude in three months, Energy Information Administration data show.
 
U.S. output is sliding after $100 billion in spending cuts last year by explorers amid the worst price meltdown in a generation. The number of active oil rigs in the U.S. declined to the lowest level since 2009, Baker Hughes Inc. data show.
 
Most members of the Organization of Petroleum Exporting Countries and other major producers including Russia plan to meet April 17 in Doha, Qatar, to consider an oil-production freeze amid a global glut.
 
Saudi Arabia, the world’s largest crude exporter, has said it will not cap production unless other producers do the same. Iranian officials, who haven’t committed to attend the Doha gathering, have said their nation plans to expand exports following the removal of international sanctions in January. The meeting can produce an agreement even without Iran’s participation, Nawal al-Fezaia, Kuwait’s OPEC governor, has said.
 
"It looks like investors are betting nothing will come out of the meeting," Dan Flynn, a trader at Price Futures Group in Chicago, said in a phone interview. "I wouldn’t be so sure about that."
 
Bearish Bets
 
Wagers that prices will fall rose by 26,521 contracts of futures and options to 102,119 in the week ended April 5. It was the largest percentage increase since July and pulled the net-long position down 12 percent, CFTC data show.
 
Net bearish positions on diesel fuel increased 27% as futures declined 7% to $1.0746 a gallon. The net-long position in gasoline declined 32%, to 21,665 contracts, the biggest drop since January. Prices on Nymex dropped 5.2% to $1.3778 a gallon.
 
Latin American countries meeting in Quito Friday called for producers to take necessary steps at the Doha meeting to stabilize the market. Waiting for the market to balance itself would be “catastrophic,” Ecuador Oil Minister Carlos Pareja said before the meeting.
主站蜘蛛池模板: 韩国伦理s级在线| 一个人看日本www| 毛片亚洲AV无码精品国产午夜| 国产女合集六超多超嫩部| AAA日本高清在线播放免费观看 | 欧美日韩国产一区三区| 国产一区二区三区露脸| 18禁止午夜福利体验区| 日韩美女乱淫试看视频软件| 你懂的视频在线| 草莓视频污在线观看| 国产精品亚洲精品爽爽| eeuss影院130020部| 无翼乌邪恶工番口番邪恶| 亚洲免费观看在线视频| 玩弄丰满少妇视频| 国产一二三视频| 麻豆视频免费播放| 在线a人片天堂免费观看高清| 中文字幕不卡在线| 欧美无遮挡国产欧美另类| 内射老妇BBWX0C0CK| 野外亲子乱子伦视频丶久草资源 | 真实处破女系列全过程| 国产亚洲美女精品久久久| awyy爱我影院午夜| 在线观看精品视频一区二区三区| 久久精品亚洲一区二区三区浴池| 欧美高清性XXXXHDVIDEOSEX| 全部三片在线观看直播| 色婷婷亚洲十月十月色天| 国产成人精品一区二三区在线观看 | 亚洲欧美日韩中文无线码| 精品国产一区AV天美传媒| 国产真乱全集mangent| 999久久久无码国产精品| 妺妺窝人体色WWW在线观看| 九九视频九九热| 欧美国产一区二区三区激情无套| 亚洲色成人WWW永久网站| 精品国产a∨无码一区二区三区 |