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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (49002)9/18/2018 6:27:29 PM
From: Goose94Read Replies (1) of 203382
 
Crude Oil: Hedge funds and other money managers have remained bullish on Brent futures, but cut their net length on WTI last week, likely because of fears about the impact of Hurricane Florence.

Bloomberg reported that Saudi Arabia is not afraid of oil heading north of $80 per barrel, a bullish sign that suggests that Riyadh might not ramp up production to offset declines from Iran. “It casts doubts on whether Saudi Arabia will increase output to compensate for the loss of Iranian crude once sanctions come into effect,” said Carsten Fritsch, an analyst at Commerzbank. Meanwhile, U.S. Secretary of Energy Rick Perry dismissed concerns about a supply crunch, arguing that Saudi Arabia, Russia and the U.S. could add enough supply to the market to compensate for Iran. “I don’t foresee spikes,” Perry said.
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