28 Apr 2015
Specs continue going long on oil, too early a call? – Malcolm Graham-Wood
FXStreet (Barcelona) - Independent Analyst, Malcolm Graham-Wood, gives the key developments in the oil market – Speculators increasing their long positioning on Brent, expectations for API inventory and the rise in US retail gasoline prices.
Key Quotes
“Short oil is not what the ICE is reporting as their data yesterday showed that another new record has been set in terms of speculators going long Brent crude oil. Far be it for me to suggest anything but it may just be that the traders are a bit early to the party, if they are the words tears and end in, will come to mind.”
“There is also a slight concern that the API inventory stats might show another build when they report tonight, if so then we really aren’t out of the woods yet, certainly for WTI.”
“Finally my old friend the US retail gasoline price is picking up again as predicted here recently. Figures from the EIA yesterday show that the blended US price rose by 8.5 cents a gallon on the week to $2.57 which is still $1.14 lower than a year ago but well off the February low of $2.04.”
Key Quotes
“Short oil is not what the ICE is reporting as their data yesterday showed that another new record has been set in terms of speculators going long Brent crude oil. Far be it for me to suggest anything but it may just be that the traders are a bit early to the party, if they are the words tears and end in, will come to mind.”
“There is also a slight concern that the API inventory stats might show another build when they report tonight, if so then we really aren’t out of the woods yet, certainly for WTI.”
“Finally my old friend the US retail gasoline price is picking up again as predicted here recently. Figures from the EIA yesterday show that the blended US price rose by 8.5 cents a gallon on the week to $2.57 which is still $1.14 lower than a year ago but well off the February low of $2.04.”