Kemp: Oil Traders Expect A Tighter Market In 2018

Kemp: Oil Traders Expect A Tighter Market In 2018
While the headlines have been dominated by the devastation wrought by Hurricane Harvey, oil traders have quietly become more bullish, or at least less bearish, about 2018.

Brent spreads are not the only sign of renewed bullishness among oil traders.

Futures prices for U.S. crude to be delivered in 2018 have been rising in recent sessions and are now at the highest level since May.

The WTI calendar strip for 2018, which is the benchmark for U.S. shale firms’ hedging programmes for next year, has climbed to around $50.70 per barrel from a recent low of $45 in June (http://tmsnrt.rs/2vOyD4W).

If most oil traders are not exactly bullish yet, they are no longer bearish.

(Editing by Jason Neely)


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Copyright 2017 Thomson Reuters. Click for Restrictions.

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Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours