Petroleum markets were hit by a second week of heavy investor sales last week as fund managers became convinced the planned G7 price cap would be set and enforced in a manner that won’t interrupt Russia’s crude exports.
Hedge funds and other money managers sold the equivalent of 90 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Nov. 22.
The number of crude positions, WTI as well as Brent, fell to just 306 million barrels down from 443 million barrels on Nov. 8. In October and early November, concerns about the price cap’s impact on Russia’s exports, fuelled by the unexpectedly aggressive output cuts announced by OPEC⁺, tilted this balance in a bullish direction.
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