• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 19 mins Tesla Closing a Dozen Solar Facilities in Nine States
  • 2 hours Could Venezuela become a net oil importer?
  • 33 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 11 hours Why is permian oil "locked in" when refineries abound?
  • 1 hour EU Leaders Set To Prolong Russia Sanctions Again
  • 14 hours Teapots Cut U.S. Oil Shipments
  • 10 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Saudi Arabia turns to solar
  • 14 hours Oil prices going down
  • 19 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 15 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 2 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 15 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 4 hours EVs Could Help Coal Demand
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Oil ETFs See Long Bets Return

Oil Barrels

Friday, July 8, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Speculators raise bets on oil ETFs

- The United States Oil Fund, an ETF that tracts WTI prices, saw $59.9 million of capital flow into the fund in June. That is the first positive inflow since February.
- In the previous three months, Bloomberg reports, the ETF saw outflows of $1.46 billion as investors ran away from long bets on crude oil.
- But it is not all up from here. On the NYMEX+ICE, hedge funds cut their net long positions by 37 million barrels to 179 million barrels in the last week of June. Short bets also rose by 24 million barrels.
- The recent sell off came after the Brexit vote, as concerns about global financial markets spread. However, fears over the potential for the Brexit to infect wider financial stability appear to be abating.

2. U.S. has largest oil reserves in the world

- A new analysis from Oslo-based Rystad Energy finds that the U.S. holds the world’s largest oil reserves, more than Russia, Saudi Arabia, or Venezuela.
- Venezuela is typically thought of as having the world’s largest oil reserves at 298 billion barrels, but Rystad believes that much of that is undiscovered…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News