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Big funds in rare bearish turn on gasoline, record diesel shorts NEW YORK: Big funds have turned bearish on US gasoline prices for only the third time in at least a decade, and expanded short diesel positions to a record high, on bets that a yearlong crude glut may spill into fuel markets. Managed money gasoline positions on the New York Mercantile Exchange turned net short last week for the third time since the Commodity Futures Trading Commission began collecting the data in 2006, according to the latest Commitment of Traders report. The net position fell by more than 16,700 lots, the second-largest one-week decline since 2010, to a net short position of 1,274 lots, the largest on record, the data show.Hedge funds have maintained net short positions on ultra-low-sulfur diesel since July 2014, but last week they expanded to the biggest short position since at least 2006. The data reflects growing concerns that seasonally record-high US refinery runs, coupled with ...

Average US gasoline prices resume slide, hit 10-month low NEW YORK: The average price of gasoline in the United States resumed its slide over the past two weeks, dropping 11 cents to $2.14 a gallon, the lowest since late January, according to a Lundberg survey released on Sunday. The 5 percent decline in gasoline prices came as oil refiners and gasoline wholesalers and retailers passed along lower oil-buying prices to consumers, said survey publisher Trilby Lundberg in emailed comments. Current retail gas prices were ...
Venezuelan oil minister says OPEC cannot allow a price war TEHRAN: OPEC cannot allow an oil price war and must take action to stabilise the crude market soon, Venezuelan oil minister Eulogio del Pino said on Sunday."OPEC has to do something very soon ... We don't agree with the position that says the market some way is going to dictate the price of crude oil. We don't agree with that position of Saudi Arabia," del Pino said on the sidelines of the Gas Exporting Countries ...
Brent steady, US crude down ahead of contract expiry NEW YORK: Brent oil futures settled steady on Thursday while US crude fell ahead of the expiry of the front-month contract and continued pressure from large inventory builds. A weaker dollar and stronger refining margins for gasoline, which could prompt refiners to turn more crude into the motor fuel, helped limit the downside in crude. The dollar fell to a near one-week low against a basket of currencies, making crude and other commodities denominated in ...
US oil may continue to hover above $40.02 SINGAPORE: US oil may continue to hover above a support at $40.02 per barrel and seek a chance to retest a resistance at $41.83, as indicated by its wave pattern and a Fibonacci projection analysis.The support is provided by the 100 percent Fibonacci projection level of downward wave c, the third wave of a three-wave cycle from the Oct. 9 high of $50.92.The bullish divergence on the hourly RSI suggest a completion of this wave. ...
Oil down as US stockpiles near record highs NEW YORK: Oil fell as much as 1 percent on Wednesday, with US crude snapping the $40-a-barrel support, as traders looked beyond a mildly positive report on US crude inventories to focus instead on a global supply glut. The US Energy Information Administration said crude inventories rose 252,000 barrels last week versus the build of nearly 2 million barrels forecast by analysts in a Reuters poll. Industry group American Petroleum Institute had anticipated a draw ...
Canada oil well drilling to contract again in 2016 CALGARY: The number of oil wells drilled in Canada will shrink further in 2016, the Canadian Association of Drilling Contractors said on Wednesday, as the prolonged slump in global crude prices take its toll on the oilfield service sector. The Calgary-based industry body expects 4,728 wells will be drilled next year, down 15 percent from its 2015 forecast and a drop of 58 percent from the 11,226 wells drilled in 2014. US benchmark crude prices ...


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