• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 1 hour U.S. Shale Oil Debt: Deep the Denial
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 23 hours EU to Splash Billions on Battery Factories
  • 2 hours The Dirt on Clean Electric Cars
  • 1 day The Balkans Are Coming Apart at the Seams Again
  • 5 hours Owning stocks long-term low risk?
  • 6 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days OPEC Is Struggling To Deliver On Increased Output Pledge
  • 2 days Uber IPO Proposals Value Company at $120 Billion
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Oil Markets Are Rebalancing At Last

Barrels

Friday September 15, 2017

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. Whiplash for oil investors

(Click to enlarge)

- As refineries started to go offline amid the historic hurricane that hit Texas at the end of August, hedge funds and other money managers scrambled to short WTI, betting that a huge disruption in refining capacity would lead to a buildup in crude supplies.
- They were right: some 4 mb/d of refining capacity was temporarily idled, although that figure is down to less than 2 mb/d at this point.
- In fact, refineries staged a comeback quicker than expected, leading hedge funds and other major investors to rapidly unwind those short bets, swapping them out for long bets, even as the destruction of Harvey was still being tallied.
- The positioning corresponded with a brief decline and then rebound in WTI prices.
- “You can afford, as a speculative investor, to get a little bit more bullish,” Tamar Essner, an energy analyst at Nasdaq Inc., told Bloomberg. “The storm certainly was bearish for WTI, but not for the long term, so why not make a quick buck?”

2. China to phase out internal combustion engine

(Click to enlarge)

- The…

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