Gross speculative bets in the futures market that US oil prices will increase are the highest since 2018, when it was widely thought that US sanctions on Iran would buoy global oil prices at $80, with Nymex West Texas Intermediate in the $70s. In this market, after six weeks of consecutive gains, both benchmarks are trading around $40. Between US marker West Texas Intermediate (WTI) and global benchmark Brent, banks and hedge funds like US oil more, and for good reason. Friday’s gains leave WTI up 100% since May 1, as the contract recovered from negative prices. Brent, which never followed WTI down as far, has still returned an impressive 60%.
展开▼
