These Were The Best Performing Assets In July And YTD
July was a great month for virtually all asset classes (at least those tracked by Deutsche Bank) with the notable exception of what, which tumbled after surging previously.
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WTI Jumps Above $50 On Report US Prepping Sanctions Against Venezuela Oil Industry
After both Brent and WTI rose above their respective 50DMAs on Friday, capping 2017's best weekly rally for oil, the rising tide is accelerating as the latest CFTC COT data confirmed, when net specs boosted bullish Nymex WTI crude oil bets by 27K net-long positions to 423K, the highest in two months, as producers continued to cover short hedges, sending their net position to the most bullish since the summer of 2015.
Oil Rig Count Falls By 1 As Analyst Warns Permian Reserves Are Grossly Exaggerated
For only the second time in the last 27 weeks (and 4th in the last 56 weeks), the number of US oil rigs fell last week (down 1 to 764 rigs). There is a growing concern that the rising rig count has now outpaced the lagged response to pricing and is due to rollover further...
Notably the Canadian oil rig count rose by 12 last week.
US Shale Production Just Hit A New All Time High
One month ago, we reported that based on recent data, June oil output from shale producers would post the first double-digit production growth since July of 2015, when oil prices tumbled and a substantial portion of US production was briefly taken offline. While the final data has yet to be tabulated, it is safe to say that this is now the case.
The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks
Authored by Cyril Widdershoven via OilPrice.com,
OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines.