crude price trends by srinivas chowdary sunkara as on 16-05-2023
Brent oil futures for July delivery rose 30 cents to $75.53 a barrel while WTI oil June futures are trading 33 cents up to $71.44 a barrel on Tuesday morning hours. Both the benchmarks logged above 1 pct up yesterday recovering three previous sessions loss. crude futures clocked weekly loss for straight fourth week since Sep, 2022. Oil markets got some boost from U.S plan to purchase oil for SPR and supply worries stemming from wildfires in Canada. On the technicals side, portfolio managers and fund managers are bearish over crude futures and options. Fund managers and other managers sold 17Mb in six most important futures and options during the week ending May 9. Portfolio managers are more bearish towards petroleum since economic worries shrugged off OPEC+ surprise cuts momentum. I dont find any significant clues to spur momentum either way.
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