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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (119295)	2/1/2022 1:07:57 PM
From: Goose94	Read Replies (1) \| Respond to of 203665

Crude Oil: WTI/Brent Bullish Sentiment Builds As OPEC Underperforms As we have indicated previously, insufficient OPEC+ production combined with a string of supply disruptions across the globe have led to the most bullish market in 8 years, with month-on-month backwardation wider than $1 per barrel throughout most of 2022. For every WTI short position, there were 13 long positions on futures contracts in the week to 25 January, indicating that the anticipation is of further tightness down the line. Soaring long positions also attest to the market’s belief in robust demand going forward - if anything, easing mobility restrictions in several European countries point towards Omicron concerns weakening overall, despite cases hitting all-time records. OPEC+ is expected to stick with its monthly 400,000 b/d increments as it reconvenes for a ministerial meeting on the second of February, with the oil group so far resisting external pressure to ramp up production more quickly.