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Crude Oil Prices Supported by Inventory Draw and Russia’s Pledge to Fully Comply with Output Cut

Crude oil prices climbed higher for the second consecutive day as a report showing unexpected expected decline in US inventory. Meanwhile, Russia pledged that it would fully comply with the output cut deal this month. However, caution is advised over the promise as Russian oil output has reached the...

China’s First Renminbi Crude Oil Futures Unlikely Accelerates Currency Internationalization

On March 26, China launched its, and also the world’s, first renminbi-denominated crude oil futures. The debut appeared successful with 20M barrels of oil changed hands on average in each of the first two trading days. This represents 3% of combined WTI and Brent volumes on these days. The...

Traders Were Bullish on Petroleum but Turned Bearish on Natural Gas

CFTC Commitments of Traders With the exception of natural gas, speculators were bullish over the energy complex in the week ended March 27. Net LENGTH for crude oil futures jumped +12 062 contracts from a week ago to 715 7708. NET LENGTH of heating oil gained +1 948 contracts to...