Oil bears miss out as record US refinery demand drives rally
New York
OIL speculators missed out as record demand from US refineries helped trim supplies from their highest level in more than eight decades and drive prices higher.
Hedge funds and other money managers reduced their net-long position in West Texas Intermediate (WTI) crude by 7.1 per cent in the seven days ended May 19, the most in two months, US Commodity Futures Trading Commission (CFTC) data show. Short positions anticipating lower prices expanded by 30 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
China’s push for greener aluminium hit by erratic rains, power cuts
Philippines says US, China eyeing mining opportunities, especially in nickel
Gold set for best week in five on renewed US rate-cut hopes
Biden determined to keep US Steel in US hands: White House
Oil holds near one-week high on rising demand hopes after China, US data
India projects biggest power shortfall in 14 years