Lates News

With the crude oil market experiencing the most volatile period in history, hedge funds have reached the highest level of bullishness on Brent crude in six years. Data from the Intercontinental Exchange Europe Futures and Options for the week of March 10 showed that currency managers increased their net long positions on the global benchmark by 65,438 contracts to 351,032 contracts. This is the highest level since February 2020. At the same time, data from the U.S. Commodity Futures Trading Commission showed that bullish bets on U.S. crude oil have risen to an eight-month high. The Middle East conflict has almost brought traffic in the Strait of Hormuz to a standstill for nearly two weeks, causing a long-term supply disruption that caught market participants off guard. The seismic impact on the energy market has forced major crude oil producing countries in the region to cut production, while some refiners have defaulted on contracts. In the financial derivatives market, several volatility indicators have risen to the highest level since the Russia-Ukraine conflict. In response, algorithmic traders have increased their long positions to the limit, while options trading has been suppressed as traders reduce their risk exposure.