For the first time since November, oil options traders are paying more to hedge against rising crude costs.
Gold’s relentless surge to fresh record highs is proving to be a puzzle for many market observers. An oil rally is making it more costly for some traders to protect themselves from surging crude prices in what has quickly become a very bullish market. And as crop traders await insights from the US Department of Agriculture’s key report on global demand, American farmers are enjoying the best-post winter wheat conditions in years.
Oil The gauge known as the so-called skew is showing demand for bullish call options than bearish puts. The market’s flip to the call skew underscores the magnitude of bullish sentiment for crude, amid heightened geopolitical tensions. The global benchmark Brent rose above $90 a barrel for the first time since October last week, while West Texas Intermediate has also surged to levels not seen in nearly six months.
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