- Oil prices continue higher as demand growth looks robust and Iranian nuclear talks drag on
- The G7 announcement to donate 1 billion Covid-19 doses is a bullish sign for the oil demand recovery
- Iran’s foreign ministry said Monday there was “very little time left” for world powers to resolve outstanding differences to revive a nuclear deal (Bloomberg)
- Saeed Khatibzadeh, a spokesman for Iran’s Foreign Ministry, claims that a broad agreement on how to lift U.S. sanctions on Iran’s energy industry had been agreed but gave no details
- Hedge funds bullishness on WTI came back strong for the week ended June 8, boosting net-long positions to a nearly three-year high (CFTC)
- We often discuss hedge funds or speculator interest when positioning is either relatively high or low historically. Speculators can often exacerbate market moves on news or shifts in the oil market
- As net-spec length in WTI increases to historically high levels, we often caution that on negative news or downward sentiment, funds can help cause a quick and sharp sell-off as many head for the exit at the same time