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Oil price recovered sharply today from Friday's sharp sell offs as COT report released by CFTC after market closes on Friday that speculators, namely hedge funds have increased their bullish bets by most in two months.
- OPEC has called for $80/barrel crude oil by 2020, expecting price to rise by $5/barrel each year. Non-OPEC production is expected to shrink fast, especially in US as low oil price force shale oil producers to shut shops.
- Some fund managers and investment bankers, such as David Pursell, MD at Tudor Holt & Co. suggests that market may not be as oversupplied as it seems, while others suggest demand to outpace supply given lower crude price.
- OPEC suggested Non-OPEC supply to be 58.2 million barrels/day by 2017, down 1 million barrel from previous forecast.
- Latest report from Baker Hughes show that crude rig count has fallen for third consecutive week.
CFTC data shows that money managers' net long position in WTI rose by 14,821 contracts to 147,678, which is highest since 7th July.
WTI is currently trading at 45.7/barrel and Brent at $2.5/barrel premium.
