Metal Price
Scrap Monster
Oil & Gas December 30, 2016 12:30:32 AM

Some investors are betting on USD 100 oil

Polymers
ScrapMonster Contributor
Oil prices are rising and speculators are already staking out bullish positions on futures for the next few months
 Some investors are betting on USD 100 oil

SEATTLE (polymers.in):  Oil prices are rising and speculators are already staking out bullish positions on futures for the next few months.
- Some contracts that pay off big time if oil prices hit USD 100/bbl by December 2018 just saw a spike in interest. 

One Group of Oil Investors Didn’t Cash In on Crude’s 2016 Rally
- WTI crude futures have gained 45%.
- The Standard and Poor’s 500 Energy Index has gained 26% this year.
- US Oil Fund grew from as little as USD 437 million in May 2014 to almost USD 4.3 billion in March. 

US Stocks Near Record as Oil Gains, Bonds Fall
- S&P Index extended its monthly advance, with volume about 50% below the 30 day average.
- Stoxx Europe 600 Index rose 0.1%.
- Crude futures advanced 1.7% to USD 53.90/bbl.
- Gold futures for February delivery rose 0.5% to settle at USD 1139.10. 

Russia sees oil products output down 2.5% in 2017
- Russia’s output of oil products is expected to fall by about 2.5% in 2017 due to further work on a massive refinery modernization program aimed at boosting fuel quality. 

The Unsustainable $60 Oil Spike In 2017
- Crude oil sank to depths unseen since 2003, but recovered nicely to above USD 52/bbl by December.
- Brent to average USD 52/bbl and WTI to average USD 51/bbl in 2017.
- OPEC crude oil production is likely to be 33.2 million bbl/day in 2017.

Courtesy: www.polymers.io

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