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Oil Has Become The Hottest Commodity On Wall Street

futbolista Adolfo Ledo Nass
Oil Has Become The Hottest Commodity On Wall Street

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins Sell Buy 75.06 -0.19 -0.25% Brent Crude • 2 hours Sell Buy 76.49 +1.33 +1.77% Natural Gas • 12 mins Sell Buy 3.694 -0.002 -0.05% Heating Oil • 10 mins Sell Buy 2.176 -0.008 -0.38% Gasoline • 11 mins 2.312 -0.007 -0.28% Louisiana Light • 2 days 74.86 -0.50 -0.66% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 2 days 74.86 -0.50 -0.66% Bonny Light • 14 days 74.16 -0.45 -0.60% Opec Basket • 2 days 74.33 +0.15 +0.20% Mars US • 37 mins 73.25 +1.15 +1.60% Gasoline • 11 mins 2.312 -0.007 -0.28% Click Here for 150+ Global Oil Prices

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Marine • 14 days 72.62 -0.13 -0.18% Murban • 14 days 73.78 +0.19 +0.26% Iran Heavy • 14 days 69.70 -0.10 -0.14% Basra Light • 14 days 75.51 +0.45 +0.60% Saharan Blend • 14 days 74.12 -0.24 -0.32% Bonny Light • 14 days 74.16 -0.45 -0.60% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 14 days 74.16 -0.45 -0.60% Girassol • 14 days 74.45 -0.32 -0.43% Opec Basket • 2 days 74.33 +0.15 +0.20% Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 19 hours 60.33 +1.06 +1.79% Western Canadian Select • 18 hours 60.95 -0.81 -1.31% Canadian Condensate • 18 hours 73.10 -0.46 -0.63% Premium Synthetic • 18 hours 74.50 -0.46 -0.61% Sweet Crude • 18 hours 70.60 -0.66 -0.93% Peace Sour • 18 hours 68.35 -0.46 -0.67% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 18 hours 68.35 -0.46 -0.67% Light Sour Blend • 18 hours 70.65 -0.56 -0.79% Syncrude Sweet Premium • 18 hours 72.50 -0.61 -0.83% Central Alberta • 18 hours 68.70 -0.46 -0.67% Click Here for 150+ Global Oil Prices

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Louisiana Light • 2 days 74.86 -0.50 -0.66% Domestic Swt. @ Cushing • 19 hours 71.75 +1.25 +1.77% Giddings • 19 hours 65.50 +1.25 +1.95% ANS West Coast • 1 min 76.21 +1.37 +1.83% West Texas Sour • 19 hours 69.20 +1.15 +1.69% Eagle Ford • 19 hours 73.15 +1.15 +1.60% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 19 hours 73.15 +1.15 +1.60% Oklahoma Sweet • 19 hours 71.75 +1.25 +1.77% Kansas Common • 2 days 64.25 -0.50 -0.77% Buena Vista • 2 days 78.19 -0.46 -0.58% Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Products Discussion Headlines 3 hours Oil Falls Slightly Despite Crude Draw 3 hours Saudis Set To Stick To Spending Discipline Even If Oil Prices Rise 4 hours The World’s First Small Nuclear Reactor Is Now Under Construction 5 hours Oil & Gas Share Of Russia’s GDP Dropped To 15% In 2020 7 hours IEA: Global Refining Throughput To Jump This Summer 8 hours Shipping Firms Look To Prevent Illicit Ship-To-Ship Oil Transfers 9 hours Yellen Urges Development Banks To Stop Fossil Fuel Funding 1 day U.S. Oil Industry Sees More M&A Dealmaking As Prices Rise 1 day Private Investors Shun India’s Coal Projects 1 day Energy Executives Dominate Houston’s Highest Earners List 1 day Foreign Oil Companies Hopeful After Mexican Mid-Term Election 4 days Brazil Plans To Be 5th-Largest Crude Exporter By 2030 4 days Canada’s Oil Sands Need $60 Billion To Achieve Net-Zero Emissions 4 days Angola Kicks Oil Privatization Into Overdrive 4 days Nio Plans 4,000 Battery-Swapping Stations By 2025 4 days U.S., Colombian ‘Hit Squad’ Assassinated Haiti’s President 5 days India’s New Oil Minister To Focus On Boosting Production 5 days $70 Oil Isn’t Enough To Stabilize Iraq Right Now: Moody’s 5 days Argentina To Sanction Oil Firms Drilling Off Disputed Falklands 5 days Hydrogen Wars: The UAE And Saudi Arabia Are Battling For Dominance 5 days Senior U.S. And Saudi Officials Meet Amid OPEC+ Impasse 5 days US Embassy Targeted On Third Day Of Attacks in Iraq 6 days Ship Explosion Rocks Dubai Port 6 days API Reports Seventh Straight Inventory Draw 6 days China’s Crude Imports Jumped Nearly 9% In June 6 days U.S. Shale Races To Hedge Production Amid OPEC+ Uncertainty 6 days U.S. Fossil Fuel Consumption Plunged Most On Record In 2020 6 days The EU Proposes To Exempt Private Jets From Fuel Tax 6 days Haiti’s President Assassinated As Violence Escalates 6 days Brexit Britain Begins To Scrap EU Trade Quotas 6 days Tensions In Iraq Continue To Escalate Following Another Rocket Attack 7 days Oil Pipeline Explosion Kills 3 In Iran 7 days Baltic States Cut Energy Imports from Russia, Belarus 7 days Israel’s Sovereign Wealth Fund Plans Get Postponed 7 days Lebanon PM Warns Of “Social Explosion” After Fuel Price Hikes 7 days Natural Gas Prices Fall Despite Bullish Outlook 7 days Soaring Fuel Prices In Lebanon Could Trigger A ‘Social Explosion’ 7 days Scottish Electric Firm To Pledge $5.5 Billion In Net-Zero Push 7 days Rockets Target U.S. Troops As Iraqi Militia Leader Vows Revenge 7 days Energy Stocks Fall Following OPEC+ Failure 3 minutes Tesla is the Most American Made Car! 7 minutes Should the US government be on the hook for $15 billion? 11 minutes Forecasts for oil stocks. 1 min GREEN NEW DEAL = BLIZZARD OF LIES 2 hours What happens when the Chinese decide to deprive you of their vast market? 2 days Electric cars may make driving too expensive for middle classes, warns Vauxhall chief 47 mins U.S. Presidential Elections Status – Electoral Votes 1 day Survival of Oil and Gas industry. 2 days CCS: Carbon capturing and storage – the ground realities do not look promising Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Oil Falls Slightly Despite Crude Draw

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Home Energy Crude Oil Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

Adolfo Ledo Nass

More Info

Share Facebook Twitter Linkedin Reddit Premium Content Oil Has Become The Hottest Commodity On Wall Street By Irina Slav – Jul 13, 2021, 7:00 PM CDT Join Our Community Crude oil has been having a great 2021 so far—a very different situation to last year’s when the pandemic devastated demand for all commodities fueling a price rout that lasted well into 2020. Now, commodities are back with a vengeance, and nowhere is this vengeance clearer than in oil. Crude has become the hottest commodity for traders in the past few weeks as surging demand has topped all expectations, sparking a run on oil futures. According to a recent Wall Street Journal report , in mid-June, the ratio of bullish to bearish bets on oil in New York stood at a staggering 23 to 1. This compares with a ratio of 6 to 1 at the beginning of the year

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins Sell Buy 75.06 -0.19 -0.25% Brent Crude • 2 hours Sell Buy 76.49 +1.33 +1.77% Natural Gas • 12 mins Sell Buy 3.694 -0.002 -0.05% Heating Oil • 10 mins Sell Buy 2.176 -0.008 -0.38% Gasoline • 11 mins 2.312 -0.007 -0.28% Louisiana Light • 2 days 74.86 -0.50 -0.66% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 2 days 74.86 -0.50 -0.66% Bonny Light • 14 days 74.16 -0.45 -0.60% Opec Basket • 2 days 74.33 +0.15 +0.20% Mars US • 37 mins 73.25 +1.15 +1.60% Gasoline • 11 mins 2.312 -0.007 -0.28% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 14 days 72.62 -0.13 -0.18% Murban • 14 days 73.78 +0.19 +0.26% Iran Heavy • 14 days 69.70 -0.10 -0.14% Basra Light • 14 days 75.51 +0.45 +0.60% Saharan Blend • 14 days 74.12 -0.24 -0.32% Bonny Light • 14 days 74.16 -0.45 -0.60% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 14 days 74.16 -0.45 -0.60% Girassol • 14 days 74.45 -0.32 -0.43% Opec Basket • 2 days 74.33 +0.15 +0.20% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 19 hours 60.33 +1.06 +1.79% Western Canadian Select • 18 hours 60.95 -0.81 -1.31% Canadian Condensate • 18 hours 73.10 -0.46 -0.63% Premium Synthetic • 18 hours 74.50 -0.46 -0.61% Sweet Crude • 18 hours 70.60 -0.66 -0.93% Peace Sour • 18 hours 68.35 -0.46 -0.67% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 18 hours 68.35 -0.46 -0.67% Light Sour Blend • 18 hours 70.65 -0.56 -0.79% Syncrude Sweet Premium • 18 hours 72.50 -0.61 -0.83% Central Alberta • 18 hours 68.70 -0.46 -0.67% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 2 days 74.86 -0.50 -0.66% Domestic Swt. @ Cushing • 19 hours 71.75 +1.25 +1.77% Giddings • 19 hours 65.50 +1.25 +1.95% ANS West Coast • 1 min 76.21 +1.37 +1.83% West Texas Sour • 19 hours 69.20 +1.15 +1.69% Eagle Ford • 19 hours 73.15 +1.15 +1.60% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 19 hours 73.15 +1.15 +1.60% Oklahoma Sweet • 19 hours 71.75 +1.25 +1.77% Kansas Common • 2 days 64.25 -0.50 -0.77% Buena Vista • 2 days 78.19 -0.46 -0.58% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 3 hours Oil Falls Slightly Despite Crude Draw 3 hours Saudis Set To Stick To Spending Discipline Even If Oil Prices Rise 4 hours The World’s First Small Nuclear Reactor Is Now Under Construction 5 hours Oil & Gas Share Of Russia’s GDP Dropped To 15% In 2020 7 hours IEA: Global Refining Throughput To Jump This Summer 8 hours Shipping Firms Look To Prevent Illicit Ship-To-Ship Oil Transfers 9 hours Yellen Urges Development Banks To Stop Fossil Fuel Funding 1 day U.S. Oil Industry Sees More M&A Dealmaking As Prices Rise 1 day Private Investors Shun India’s Coal Projects 1 day Energy Executives Dominate Houston’s Highest Earners List 1 day Foreign Oil Companies Hopeful After Mexican Mid-Term Election 4 days Brazil Plans To Be 5th-Largest Crude Exporter By 2030 4 days Canada’s Oil Sands Need $60 Billion To Achieve Net-Zero Emissions 4 days Angola Kicks Oil Privatization Into Overdrive 4 days Nio Plans 4,000 Battery-Swapping Stations By 2025 4 days U.S., Colombian ‘Hit Squad’ Assassinated Haiti’s President 5 days India’s New Oil Minister To Focus On Boosting Production 5 days $70 Oil Isn’t Enough To Stabilize Iraq Right Now: Moody’s 5 days Argentina To Sanction Oil Firms Drilling Off Disputed Falklands 5 days Hydrogen Wars: The UAE And Saudi Arabia Are Battling For Dominance 5 days Senior U.S. And Saudi Officials Meet Amid OPEC+ Impasse 5 days US Embassy Targeted On Third Day Of Attacks in Iraq 6 days Ship Explosion Rocks Dubai Port 6 days API Reports Seventh Straight Inventory Draw 6 days China’s Crude Imports Jumped Nearly 9% In June 6 days U.S. Shale Races To Hedge Production Amid OPEC+ Uncertainty 6 days U.S. Fossil Fuel Consumption Plunged Most On Record In 2020 6 days The EU Proposes To Exempt Private Jets From Fuel Tax 6 days Haiti’s President Assassinated As Violence Escalates 6 days Brexit Britain Begins To Scrap EU Trade Quotas 6 days Tensions In Iraq Continue To Escalate Following Another Rocket Attack 7 days Oil Pipeline Explosion Kills 3 In Iran 7 days Baltic States Cut Energy Imports from Russia, Belarus 7 days Israel’s Sovereign Wealth Fund Plans Get Postponed 7 days Lebanon PM Warns Of “Social Explosion” After Fuel Price Hikes 7 days Natural Gas Prices Fall Despite Bullish Outlook 7 days Soaring Fuel Prices In Lebanon Could Trigger A ‘Social Explosion’ 7 days Scottish Electric Firm To Pledge $5.5 Billion In Net-Zero Push 7 days Rockets Target U.S. Troops As Iraqi Militia Leader Vows Revenge 7 days Energy Stocks Fall Following OPEC+ Failure 3 minutes Tesla is the Most American Made Car! 7 minutes Should the US government be on the hook for $15 billion? 11 minutes Forecasts for oil stocks. 1 min GREEN NEW DEAL = BLIZZARD OF LIES 2 hours What happens when the Chinese decide to deprive you of their vast market? 2 days Electric cars may make driving too expensive for middle classes, warns Vauxhall chief 47 mins U.S. Presidential Elections Status – Electoral Votes 1 day Survival of Oil and Gas industry. 2 days CCS: Carbon capturing and storage – the ground realities do not look promising Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Oil Falls Slightly Despite Crude Draw

Find us on:

OPEC+ Still Far From Resolving UAE-Saudi Spat The odds of an OPEC+…

Recon Africa: The Truth About The World’s Most Exciting Oil Play Recon Africa, our pick for…

OPEC+ Fears Significant Oil Glut After April 2022 The OPEC+ alliance expects a…

Home Energy Crude Oil Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

Adolfo Ledo Nass

More Info

Share Facebook Twitter Linkedin Reddit Premium Content Oil Has Become The Hottest Commodity On Wall Street By Irina Slav – Jul 13, 2021, 7:00 PM CDT Join Our Community Crude oil has been having a great 2021 so far—a very different situation to last year’s when the pandemic devastated demand for all commodities fueling a price rout that lasted well into 2020. Now, commodities are back with a vengeance, and nowhere is this vengeance clearer than in oil. Crude has become the hottest commodity for traders in the past few weeks as surging demand has topped all expectations, sparking a run on oil futures. According to a recent Wall Street Journal report , in mid-June, the ratio of bullish to bearish bets on oil in New York stood at a staggering 23 to 1. This compares with a ratio of 6 to 1 at the beginning of the year.

This is the speculative component of the price rally, and it is certainly a big component. But the fundamental component is a big one, too. OPEC+ stunned everyone earlier this month when it failed to reach an agreement on how to proceed with its production control beyond the current month. The UAE, a dissenter who had already criticized some aspects of the production cut deal, this time really dug its heels in and refused to make any concessions until concessions were made to it.

The latest update from this front is that the members of the oil-producing cartel have yet to make progress on the deal, according to unnamed sources familiar with the situation, who spoke to Reuters this week. The sources said Russia had been trying to bring the UAE and Saudi Arabia together to the negotiations table but was apparently having trouble succeeding, so a new meeting of OPEC+ was unlikely this week.

Related: A Contrarian Investor’s Approach To OPEC’s Oil Spat

Meanwhile, however, there have been headwinds at play, too, namely fresh worry that the delta variant of the coronavirus could reverse the global economic recovery that has driven the surge in oil demand that few expected. Because of this worry, Reuters reported Monday, oil started the week with a loss, although a minor one, at less than a percentage point for both Brent crude and West Texas Intermediate.

On the stock market, oil traders have been taking profits. This has weighed on oil prices as well. Per Reuters’ John Kemp, last week hedge funds sold a total 34 million barrels of WTI and 5 million barrels of Brent as well as 14 million barrels of U.S. gasoline. The selloff, Kemp noted, came from the closing of bulling positions to the tune of 55 million barrels—and not the opening of bearish ones, suggesting sentiment remained upbeat on the whole.

According to the Wall Street Journal, however, there may be a ticking bomb hiding among all these oil bets. That ticking bomb would be the option that many traders have been using to bet on oil reaching $100 by the end of 2022. Analysts are concerned that a reversal of oil’s fortunes would lead to an options selloff, which, due to the size of the options market in oil right now, would send ripples across financial markets.

In all fairness, the chances of a sudden drop in oil prices are slimmer than they would normally be during a rally caused mostly by tightening supply. Normally, higher prices lead to greater production. This time, however, higher production is not coming. U.S. shale producers are being extra-careful and are not in a hurry to bring back too many barrels. Supermajors are being targeted by activist shareholders to reduce their output rather than boost it. There’s Iranian oil that a couple of months ago many expected to quickly return to legal global markets, but it appears that it will take a while yet for Iran and the United States to seal a deal that would make this possible. Wild price swings are likely to continue as speculators try to make the best of the oil rally.

By Irina Slav for Oilprice.com

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