FacebookInstagramTwitterContact

 

BORNEO HOUSING AGENCY: Terrace House in Bengkurong (B$190K, Property Chinese Owned) • Industrial Warehouse in Menglait, Gadong for Rent • Shop house in Gadong (Ground Floor) for Rent • Industrial Shops in Bunut for Sale • Land in Jerudong for Sale • Shop house in Kiulap for Sale (44 years lease, approx 5,000.00 per month rental) • Chempaka Terrace House for Rent (3 bedrooms, B$700.00 per month) • Shop house in Kiarong for Sale (B$380.00) • TEL: +6738732975, +6738839007           >>           Fully furnished office space for rent at Regus Brunei. Call +673-886-2879 or go to www.regus.com.bn           >>           Private Company Urgently Need Houses & Flats for Rent in Bandar Seri Begawan, Kindly Contact the ff. nos. for further information: 242-7623/+673 883-9007           >>           Lionel Messi Turns Frustration Into Match-Winning Clasico Performance           >>           Wayne Rooney Returns To Help Man United Close On Top Four           >>           Antonio Conte Wants Romelu Lukaku At Chelsea, Man Utd Face Silva Battle           >>           Liverpool Slip Up Again Vs. Palace As Christian Benteke Haunts Former Club           >>           Lionel Messi nets 500th Barcelona goal as his side beat Real Madrid 3-2           >>           Tim Cook Reportedly Threatened To Pull Uber From App Store           >>           Most Habitable Planets May Be Completely Covered In Water           >>           With The Galaxy S8, Samsung Grabs The Smartphone Design Crown           >>           Apple Threatened To Drop Uber's App Over Iphone Tagging (Updated)           >>           Britain’s Biggest Dog Is 7ft And Weighs The Same As A Baby Elephant           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events


DARe (How to Start Business - Food Industries)
April 19th, 2017 | 20:00 PM





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 04:42AM

Subuh

: 04:52AM

Syuruk

: 06:11AM

Doha

: 06:34AM

Zohor

: 12:20PM

Asar

: 03:33PM

Maghrib

: 06:26PM

Isyak

: 07:37PM

 



The Business Directory


 

 



World Business


  Home > World Business


Bullish Bets On Crude Cut By Most Ever As Price Falls Below $50


 


 March 20th, 2017  |  08:39 AM  |   328 views

BLOOMBERG.COM

 

Money managers cut bets on rising West Texas Intermediate crude by a record amount during the week ended March 14, while wagers on a further price drop doubled as oil remained below $50 a barrel.

 

"It’s sort of a negative feedback loop, where money managers were selling because the price was falling, and the price was falling in part because money managers were selling,” said Tim Evans, an analyst at Citi Futures Perspective in New York, in a telephone interview.

 

Bets on rising WTI crude during the report week were reduced by the most on record in data going back to 2006, the U.S. Commodity Futures Trading Commission announced Friday. The cuts came as prices tumbled below $50 a barrel for the first time this year, and anxious executives discussed rising U.S. rig counts at an industry meeting in Houston.

 

On Friday, oil settled at $48.78 a barrel on the New York Mercantile Exchange, up 29 cents for the week. Saudi Arabia and Russia sent mixed messages as the week ended on the future of the production cuts agreed to by the Organization of Petroleum Exporting Countries and 11 other nations for the first half of the year.

 

Saudi Arabia is ready to extend the cuts into the second half if supplies stay above the five-year average, Energy Minister Khalid Al-Falih said on Bloomberg Television. Russian Energy Minister Alexander Novak countered it was too early to discuss an extension. An OPEC panel is scheduled to meet this month to review compliance with the current deal.

 

‘Room to Grow’

 

“If you make it through this next OPEC compliance meeting and we don’t have further jawboning by the Saudis and Russia, or more compliance, I think that you have room to grow on the short side, which is worrisome,” Brent Belote, founder of Cayler Capital LLC, which manages $5 million in oil-related assets, said by telephone.

 

During the week ended March 14, hedge funds decreased their net-long position, or the difference between bets on a price increase and wagers on a decline, by 23 percent to 288,774, the largest decline on record and the lowest level since December. WTI tumbled 10 percent during the period. Longs fell 8.9 percent to the lowest level since early January, and shorts doubled from the prior week to the highest since November.

 

Producers and merchants increased their short positions, or bets on lower prices, to 739,736 futures and options during the report week, the highest level in a month.

 

 

The U.S. benchmark slipped below $50 a barrel on March 9 as oil executives gathered in Houston for the annual CERAWeek by IHS Markit conference.

 

Industry players at the meeting aired their concerns that growing U.S. output may thwart OPEC’s efforts to trim stockpiles and raise prices, an idea underpinned by U.S. government data released during the week showing inventories at record high levels. Many shale producers view $50 as a benchmark price for profitability.

 

Bets on OPEC

 

“The rise to record inventory levels in the U.S. is a challenge to the idea that the market has already fully rebalanced and that the downside risk is negligible," Evans said.

 

There’s still hope OPEC will continue its efforts to reduce the global glut. Deutsche Bank AG Thursday predicted OPEC will extend the cuts not only through the end of this year, but also through the end of 2018. Citigroup Inc. said OPEC’s output cuts aimed at easing the glut are “real” and already are cleaning up the market.

 

“We’re close to the $49 mark, not too far from $50,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London, said by telephone. “It seems like there are a lot of people who still have faith in OPEC delivering the kind of cuts that would allow prices to increase.”

 


 

Source:
courtesy of BLOOMBERG

by Jessica Summers

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Speaker Did Not Abuse His Power, Says His Deputy

 2017-04-24 09:15:49

North Korea 'Ready To Sink' Us Aircraft Carrier Vinson

 2017-04-24 09:27:55

Hot Spots In Emerging Markets This Week: Nigeria, China, Turkey

 2017-04-24 10:19:55