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REUTERS/Mike Segar/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Lower 48 production climbed to a record of 10.8 million b/d, surpassing the pre-pandemic peak of 10.5 million b/d set in December 2019. Drilling activity usually turns down around 4-5 months after prices and production turns down 10-12 months after prices fall. Production growth has slowed consistently since the middle of 2022 in response to the sharp fall in prices. Related columns:- U.S. oil output hits record as producers boost drilling efficiency (November 1, 2023)- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, OPEC’s, John Kemp, Barbara Lewis Organizations: Bayway, REUTERS, OPEC, U.S . Energy Information Administration, Cooperation, Energy Information Administration, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi Arabia, Gulf of Mexico, Alaska, OPEC, United Kingdom, Russia, Soviet, Vienna, Brazil, Guyana, El, Saudi

But that came after they had sold petroleum in eight of the previous nine weeks, reducing their position by a total of 342 million barrels. In the premier NYMEX WTI contract, funds had amassed bearish short positions amounting to 116 million barrels by Nov. 28, up from 20 million barrels eight weeks earlier. Funds purchased the equivalent of 10 million barrels split between U.S. gasoline (+2 million), U.S. diesel (+4 million) and European gas oil (+4 million). Funds held a net long position in gasoline of 66 million barrels (72nd percentile) up from 26 million barrels (19th percentile) six weeks earlier. Related columns:- Record U.S. oil output challenges Saudi mastery (December 4, 2023)- Investors bet against OPEC+ raising oil prices (November 28, 2023)John Kemp is a Reuters market analyst.

Persons: de Wouw, John Kemp, Kirsten Donovan Organizations: Port, REUTERS, ICE, Fund, U.S, . Funds, U.S ., Funds, Saudi, OPEC, Thomson, Reuters Locations: Rotterdam, Netherlands, Brent, Saudi Arabia, United States, U.S

Chartbook: India electricity generationTotal electricity demand met increased by 24 billion kilowatt-hours (kWh) (+21%) in October compared with the same month a year earlier. Wind increased by 0.3 billion kWh (+10%) while solar was up 1.3 billion kWh (+16%). Instead the electricity system turned to gas (1.6 billion kWh, +103%) and especially coal (28 billion kWh, +33%) to meet demand. Coal-fired generators produced a seasonal record of 111 billion kWh in October 2023 up from 84 billion kWh in October 2022. Over the same period, coal generation capacity has increased by just 9 million kilowatts (1% per year) and gas-fired capacity has been essentially unchanged.

Persons: Adnan Abidi, John Kemp, Barbara Lewis Organizations: REUTERS, UN, Central Water Commission, Thomson, Reuters Locations: New Delhi, India, Dubai, Himalayas, Tibet, baseload

REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - Investors are increasingly pessimistic about the outlook for crude oil prices as doubts grow OPEC+ will cut production enough to offset rising non-OPEC output and a deteriorating economic outlook. But many professional money managers are more optimistic about refined fuel prices, especially U.S. gasoline and diesel, expecting low inventories will ensure prices remain stronger than crude. By contrast, the position in fuels was 114 million barrels (51st percentile), with substantial positions in U.S. gasoline (64 million barrels) and U.S. diesel (33 million barrels). The surplus had swelled from +60 bcf (+2% or +0.23 standard deviations) at the start of October despite very low prices. Related columns:- U.S. crude oil bears risk reversal from crowded trade (November 20, 2023)- U.S. gasoline stocks add to crude oil turbulence (November 17, 2023)- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)John Kemp is a Reuters market analyst.

Persons: Leonhard Foeger, Brent, Henry, John Kemp, Mark Potter Organizations: REUTERS, ICE, U.S ., Funds, Henry Hub, Thomson, Reuters Locations: Vienna, Austria, OPEC, NYMEX, Saudi Arabia, Louisiana, Cushing

But 18-24 months later, the acute phase of the adjustment is complete, with energy inventories comfortable and prices reverting towards long-term inflation-adjusted averages. Chartbook: Europe's energy supplies and pricesThere will undoubtedly be more shocks in future, but the disruption associated with the end of the pandemic and Russia’s invasion of Ukraine is over. Europe’s residual issue is that it has swapped relatively cheap Russian pipeline gas for relatively expensive LNG, putting its industrial competitiveness at risk, but that is a chronic problem rather than a crisis. OILIn the oil market, U.S. domestic crude and condensates production has continued to increase and surpassed its pre-pandemic peak in August 2023. Related columns:- China braces for record winter electricity demand (November 24, 2023)- Europe’s gas crisis is over, but not the painful adjustment (November 21, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Europe's record gas stocks start to pressure prices (November 7, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Jan Harvey Organizations: U.S, Brent, Thomson, Reuters Locations: Europe, Asia, Ukraine, U.S, Saudi Arabia, Germany, Italy, France, Netherlands, Spain, Belgium, Poland, Northwest Europe, China, Russia, South, East Asia, Brazil

Peak electricity demand may increase by as much as 140 million kilowatts (12%) compared with winter 2022/23, the National Energy Administration (NEA) forecast on Oct. 31. Planners have been anxious to avoid a repeat of the fuel and power shortages that occurred in the autumn and winter of 2021/22. Chartbook: China electricity generationIn the first ten months of 2023, domestic coal production increased by 144 million tonnes (11%) and imports by 154 million tonnes (67%) compared with the prior year. The NEA said power generators’ inventories should be maintained at 200 million tonnes, up from 170 million tonnes a year ago. In the same period, domestic gas production increased by 8 million tonnes (6%), while liquefied natural gas (LNG) imports rose by 6 million tonnes (12%) and pipeline imports increased by 2 million tonnes (5%).

Persons: Tingshu Wang, John Kemp, Jan Harvey Organizations: REUTERS, National Energy Administration, Planners, NEA, Thomson, Reuters Locations: Yanqing district, Beijing, China, Yunnan, Inner Mongolia, Chartbook, Guangdong, Hainan

A general view of pipelines on the gas storage facility at the gas trading company VNG AG in Bad Lauchstaedt, Germany July 28, 2022. REUTERS/Annegret Hilse Acquire Licensing RightsLONDON, Nov 21 (Reuters) - Europe’s gas inventories continued to accumulate much later than usual into the autumn as exceptionally mild weather delayed the onset of the winter heating season. It was the culmination of an unusually long refill season which has left the region’s storage sites brimming with gas and eliminated fears about supply security. In an average heating year, Frankfurt will experience a total of around 2,161 heating degree days between July 1 and June 30. Related columns:- Europe's record gas stocks start to pressure prices (November 7, 2023)- Europe’s gas stocks at record high going into winter 2023/24 (October 6, 2023)John Kemp is a Reuters market analyst.

Persons: Annegret, John Kemp, Marguerita Choy Organizations: VNG AG, REUTERS, European Union, Britain, Gas Infrastructure, Thomson, Reuters Locations: Bad Lauchstaedt, Germany, Chartbook, Europe, GIE, Ukraine, Northwest Europe, Frankfurt, EU, Russia, Asia

Chartbook: Oil and gas positionsAs in previous weeks, sales in the most recent week were led by crude (-16 million barrels), especially NYMEX and ICE WTI (-11 million), with some extra sales in Brent (-5 million). Funds held a larger position of 171 million barrels in Brent, but that was in only the 28th percentile, still significantly bearish. Funds purchased 9 million barrels over the seven days ending on Nov. 14 and had purchased a total of 25 million barrels since Oct. 17. The net position had doubled to 51 million barrels (46th percentile) on Nov. 14 up from 26 million barrels (19th percentile) four weeks earlier. Related columns:- U.S. gasoline stocks add to crude oil turbulence (November 17, 2023)- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Barbara Lewis Organizations: ICE, Funds, ICE WTI, Fund, Thomson, Reuters Locations: Brent, NYMEX, Saudi Arabia, Russia, bearishness, United States, Cushing

Gasoline prices are displayed at an Exxon gas station behind American flag in Edgewater, New Jersey, U.S., June 14, 2022. By September and October, gasoline stocks were increasing rather than falling as is normal at this point in the year. Gasoline margins fell by three-fourths to an average of less than $10 per barrel in October, among the lowest for a decade. In the meantime, the lower intake added to crude inventories and accelerated the pullback in crude prices and calendar spreads. Related columns:- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, Cushing, John Kemp, David Evans Organizations: Exxon, REUTERS, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Edgewater , New Jersey, U.S, Cushing

Hedge funds and other money managers sold the equivalent of 57 million barrels in the six most important futures and options contracts over the seven days ending on Nov. 7. Fund managers have been sellers in five of the most recent six weeks reducing their combined position by a total of 331 million barrels since Sept. 19. The combined position was reduced to just 349 million barrels (13th percentile for all weeks since 2013) from a high of 680 million barrels (64th percentile) six weeks earlier. Bearish short positions in the premier NYMEX WTI contract were boosted to 96 million barrels on Nov. 7 from just 20 million at the start of October. Related columns:- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Investors dump crude oil and distillates as Mideast risk recedes (November 6, 2023)- Crude oil sees fresh short sales as interest rates rise (October 30, 2023)- Investors dumped oil among fastest rates in last decade (October 16, 2023)- Oil investors turn cautious away from Cushing squeeze (October 2, 2023)John Kemp is a Reuters market analyst.

Persons: Henry Romero, Brent, Cushing, John Kemp, David Evans Organizations: REUTERS, OPEC, ICE, U.S, Thomson, Reuters Locations: Gulf of Mexico, Veracruz, Mexico, Saudi Arabia, Chartbook, WTI, NYMEX, Cushing, Oklahoma, Russia

But the major railroads hauled slightly fewer containers than a year ago and 11% fewer containers than four years earlier. The strong growth in manufacturing activity between the middle of 2020 and middle of 2022 was a rebound following the disruption caused by the first wave of the coronavirus pandemic and associated lockdowns. Since then spending has rotated back towards services and there has been little if any expansion in the manufacturing sector. Chartbook: U.S. manufacturing activityLack of growth is evident in industrial energy consumption. Three-quarters of all distillate fuel oils such as diesel are consumed in freight and manufacturing, according to data from the Energy Information Administration.

Persons: Andrew Kelly, Jobs, John Kemp, Jonathan Oatis Organizations: REUTERS, Federal Reserve, Bureau of Labor Statistics, Energy Information Administration, Thomson, Reuters Locations: IceStone, New York City , New York, U.S, Europe, China, doldrums

Chartbook: Oil inventories and pricesCushing accounted for 55% of the nationwide depletion even though it held less than 10% of all crude inventories at the end of June. There were only small depletions in the rest of the Midwest (5 million barrels) and along the Gulf of Mexico (8 million barrels) and insignificant changes elsewhere. Since then, prices and spreads have collapsed, even though U.S. crude inventories at Cushing and elsewhere have barely changed so far. U.S. commercial crude inventories are about 9 million barrels (-2% or -0.22 standard deviations) below the prior ten-year seasonal average. Related columns:- U.S. oil futures surge as Cushing stocks evaporate(September 28, 2023)- Oil prices surge as stocks drain away from Cushing(September 15, 2023)- Depleting U.S. crude inventories lift oil prices(August 31.

Persons: Todd Korol, Brent, Brent's, CUSHING, NYMEX WTI, bullish, WTI, Cushing, John Kemp, David Evans Organizations: Gas, REUTERS, OPEC, Treasury, Manufacturers, Fund, Thomson, Reuters Locations: Granum , Alberta, Canada, Saudi Arabia, U.S, United States, Europe, China, Cushing, Oklahoma, of Mexico, NYMEX, OPEC

REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsLONDON, Nov 7 (Reuters) - Europe's record gas inventories continue to climb even higher as a warm start to autumn delays the onset of heating demand while high prices discourage industrial use and encourage continued imports. But prices for gas delivered at the height of winter in January 2024 have started to slide as the record levels of inventory weigh on the market. Chartbook: Europe gas inventories and pricesInventories across the European Union and United Kingdom hit a record 1,146 terawatt-hours (TWh) on Nov. 5, according to Gas Infrastructure Europe. At the same time, futures prices and calendar spreads have remained strong, despite record stocks, discouraging resumption of industrial use and encouraging continued imports of liquefied natural gas (LNG). Related columns:- Europe’s gas stocks at record high going into winter 2023/24 (October 6, 2023)- Europe’s gas storage must peak early this autumn (September 8, 2023)John Kemp is a Reuters market analyst.

Persons: Kacper, Stocks, John Kemp, David Evans Organizations: REUTERS, European Union, United, Gas Infrastructure, Thomson, Reuters Locations: Strachocina, Poland, Chartbook, Europe, United Kingdom, Gas Infrastructure Europe, Frankfurt, Germany, Ukraine

The wave of sales has reversed much of the 398 million barrels purchased between the end of June and the middle of September. WTI SQUEEZE ENDSIn the seven days ending on October 31, selling was led by crude (-78 million barrels), especially NYMEX and ICE WTI (-62 million barrels), with a smaller contribution from Brent (-16 million). The remaining position (153 million barrels) was the lowest for 16 weeks since July 11 (128 million barrels). Crude inventories around the NYMEX delivery point at Cushing in Oklahoma depleted to just 22 million barrels at the end of September from 43 million barrels at the end of June. But most of the sales have come in European gas oil (-49 million barrels) rather than U.S. diesel (-6 million) reflecting the poor outlook for the European economy.

Persons: Angus Mordant, Cushing, John Kemp Organizations: REUTERS, U.S, ICE, diesel, Funds, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Loving County , Texas, U.S, North America, Europe, China, Iran, Israel, Cushing, Oklahoma, WTI, NYMEX

Strikes at car and truck plants are likely to have a widespread impact on manufacturing activity given their large supply chains. Energy consumption by industrial users steadied over the third quarter, which was consistent with the worst of the manufacturing downturn being over. The stabilisation of both diesel and industrial electricity sales in the summer was consistent with manufacturing activity steadying ahead of a renewed expansion. Because the industrial downturn has been long but shallow, distillate inventories remain well below the long-term seasonal average. Return to expansion would likely cause diesel stocks to deplete rapidly and put upward pressure on industrial prices quickly.

Persons: Andrew Kelly, John Kemp, Louise Heavens Organizations: REUTERS, Institute, Supply, Federal Reserve, Global, U.S, Thomson, Reuters Locations: IceStone, New York City , New York, U.S, Chartbook

A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. In response, drilling rates have fallen with an average of just 501 rigs drilling for oil in October 2023 down from 623 in December 2022. U.S. GAS PRODUCTIONLike oil production, U.S. gas output has also continued to increase, a lagged response to high prices in 2022, but the subsequent slump in prices has been more severe and is causing a more pronounced slowdown in output growth. The combination of fewer drilling rigs, slower production growth, faster exports, and ultra-low prices stimulating consumption by power generators has largely eliminated surplus inventories carried over from 2022. Related columns:- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)- U.S. oil and gas output still rising in response to high prices last year (June 1, 2023)John Kemp is a Reuters market analyst.

Persons: Nick Oxford, John Kemp, Emelia Sithole Organizations: REUTERS, U.S . Energy Information Administration, “ Petroleum, Twitter, Thomson, Reuters Locations: Lea County , New Mexico, U.S, Gulf, Mexico, Chartbook, Ukraine, Saudi Arabia, Russia, OPEC, Saudi

The most recent week saw sales of Brent (11 million barrels), NYMEX and ICE WTI (4 million) and U.S. diesel (4 million) only partially offset by purchases of U.S. gasoline (3 million) and European gas oil (1 million). Short positions in NYMEX WTI climbed to 41 million barrels on Oct. 24 up from a 16-month low of 19 million barrels on Oct. 3. U.S. NATURAL GASFund managers were still struggling to become outright bullish about the outlook for U.S. gas despite futures prices being very low in real terms. Hedge funds and other money managers sold the equivalent of 125 billion cubic feet (bcf) of gas futures and options over the seven days ending Oct. 24. From a statistical perspective, the very low inflation-adjusted base means there must be more potential for prices to rise rather than fall.

Persons: Brent, WTI, Cushing, NYMEX WTI, John Kemp, Kirsten Donovan Organizations: ICE Futures, U.S . Commodity Futures Trading Commission, ICE, U.S ., OPEC, Fund, Thomson, Reuters Locations: NYMEX, Brent

The second largest contributor to real gross domestic product growth in the third quarter came from business inventories (1.3 percentage points). South Korea's KOSPI-100 equity index, which is usually a good proxy for global trade given its heavy weighting towards export-oriented firms, rebounded strongly through the end of July. But the index has since weakened, consistent with the renewed downturn in volumes shown in the global trade index. UNCERTAINTYUncertainty about the economic outlook and ambiguous data are usually greatest around turning points in the business cycle. Related columns:- Persistent U.S. services inflation dampens oil outlook (October 13, 2023)- U.S. manufacturing rebound will stretch diesel supplies (October 5, 2023)- Global container freight stuck in doldrums (June 23, 2023)- Global freight shows signs of bottoming out (April 27, 2023)John Kemp is a Reuters market analyst.

Persons: Stringer, Korea's, John Kemp, David Evans Organizations: REUTERS, Global, Economic, Service, Real, Ministry of Transport, Treasury, Thomson, Reuters Locations: Qingdao, Shandong province, China, United States, Netherlands, CHINA, ASIA, Singapore, Asia, Europe, Japan, Narita, EUROPE Europe, Ukraine, Germany, doldrums

Total generation increased by almost 63 billion kilowatt-hours (kWh) (9%) compared with the same month a year earlier, according to the National Bureau of Statistics. Most of the increase was supplied by hydro-electric generation (+40 billion kWh) as the massive new Baihetan Dam on the Jinsha River compensated for poor rainfall. The rest came from thermal generators (+13 billion kWh), solar (+4 billion kWh), wind (+2 billion kWh) and nuclear generators (+2 billion kWh). Prolonged drought across southern China since mid-2022 has depressed hydro generation, requiring more thermal output to fill the gap, almost all from coal. RENEWABLE ROLLOUTChina is investing heavily in renewable generation to curb greenhouse gas emissions as well as reduce dependence on imported oil and gas.

Persons: Jason Lee, Gorges, John Kemp, Rod Nickel Organizations: Grid Corporation of, REUTERS, National Bureau of Statistics, National Energy Administration, Thomson, Reuters Locations: Grid Corporation of China, Zhangjiakou, Hebei province, China, Chartbook, India

Renewables (and gas) have been substitutes for fossil fuels such as coal and oil enabling a significant reduction in greenhouse emissions. Renewables (and gas) have served as complements to other fossil fuels – ensuring energy remains affordable and reliable even as consumption increases significantly. EMISSIONS PEAK BUT NOT SOONEventually, China and India’s energy consumption will start to grow more slowly, at which point renewables will substitute for fossil fuels rather than just complement them. Even so, in 2022, fossil fuels accounted for 82% of primary energy consumption in China and 88% in India, including 70% of total electricity generation in China and 77% in India. Policymakers from OECD countries use the U.N. conference process and other diplomatic forums to press China and India to speed up their transition from fossil fuels to zero-emission alternatives.

Persons: Tingshu Wang, Barack Obama, John Kemp, Jonathan Oatis Organizations: Huawei, REUTERS, Organisation for Economic Cooperation, Development, OECD, Renewables, United Nations Population Division, ³, World Energy, Energy Institute, BP, Thomson, Reuters Locations: Shenmu, Yulin city, Shaanxi, China, India, North America, Europe, Chartbook, United States, Western Europe, U.S, Portugal, Switzerland

Inventories reached 102 million barrels on Oct. 6, up from 85 million barrels a year earlier, according to data from the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, Oct. 12). Stocks were 13 million barrels (+15% or +1.18 standard deviations) above the prior seasonal average for 2015-2022 and just 1 million barrels below the all-time high of 103 million set in November 2015. Inventories ended winter 2022/23 around 10 million barrels (+22% or +0.98 standard deviations) above the seasonal average and the surplus has continued to swell despite strong exports. U.S. petroleum refineries also produced 59 million barrels of propane between January and July 2023, unchanged from the same period in 2013. Shipments to the Netherlands (25 million barrels), Singapore (18 million), Indonesia (17 million), Brazil (14 million), Belgium (14 million), Spain (14 million) and Chile (13 million) took the share to more than 80%.

Persons: Terry Wade, Stocks, John Kemp, Marguerita Choy Organizations: Apache Corp, REUTERS, U.S . Energy Information Administration, Thomson, Reuters Locations: West Texas, Mont Belvieu, Texas, U.S, Chartbook, East Asia, Latin America, Europe, Japan, Mexico, China, South Korea, Netherlands, Singapore, Indonesia, Brazil, Belgium, Spain, Chile, Asia, Saudi

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. As a result, the combined position was reduced to 483 million barrels (30th percentile for all weeks since 2013) down from 680 million barrels (64th percentile) on Sept. 19. Chartbook: Oil and gas positionsThe most recent week saw massive sales across the board, including Brent (-65 million barrels) and NYMEX and ICE WTI (-40 million), U.S. gasoline (-15 million), European gas oil (-13 million) and U.S. diesel (-7 million). Most of the adjustment came from liquidation of former bullish long positions (-122 million barrels) rather than initiation of new bearish short ones (+18 million). Net positions in Brent (20th percentile), U.S. gasoline (25th percentile) and European gas oil (28th percentile) were all well below their long-term averages.

Persons: Nick Oxford, Brent, Cushing, John Kemp Organizations: Midland , Texas U.S, REUTERS, OPEC, Investors, ICE Futures, U.S . Commodity Futures Trading Commission, Funds, ICE, U.S . diesel, Thomson, Reuters Locations: Midland , Texas, U.S, NYMEX, Brent , U.S, Brent

In turn, higher rates will dampen interest-sensitive expenditure and likely lead to slower growth in oil consumption in 2024. Services are less energy-intensive but more labour-intensive than manufacturing, so the sector’s inflation rate tends to be more persistent and a better indicator of the overall amount of inflationary pressure within the economy. Most rate traders anticipate the central bank will be forced to keep overnight rates higher for longer to squeeze persistent inflation out of the economy. In the short term, the renewed expansion of the U.S. manufacturing and service sectors is supporting oil consumption and prices. In the medium term, however, the higher-for-longer rates needed to bring inflation back to target will likely depress business activity and slow oil consumption growth in 2024.

Persons: Eduardo Munoz, John Kemp, Rod Nickel Organizations: Exxon, REUTERS, Institute, Supply, Federal Reserve, Treasury, Thomson, Reuters Locations: Newport , New Jersey, U.S, United States, Europe, Ukraine

European distillate inventories were 25 million barrels (-6% or -0.84 standard deviations) below the seasonal average at the end of September. Singapore distillate stocks averaged 3 million barrels (-23% or 1.30 standard deviations) below the seasonal average in September. Chartbook: Global distillate inventories and pricesPortfolio investors have been reducing their exposure to middle distillates since late August, which has likely anticipated, accelerated and amplified the retreat in prices and margins. But inventories are already tight; any expansion will cause them to deplete further, rapidly putting renewed upward pressure on prices. Related columns:- U.S. manufacturing rebound will stretch diesel supplies (October 5, 2023)- Funds grow bullish on crude, cautious on distillates (September 18, 2023)- Global diesel shortage boosts prices (September 13, 2023)- U.S. diesel prices surge anticipating a soft landing (August 11, 2023)John Kemp is a Reuters market analyst.

Persons: Eric Gaillard, John Kemp, Jane Merriman Organizations: REUTERS, ICE Futures, U.S . Commodity Futures Trading Commission, U.S . Energy Information Administration, Global, U.S, Thomson, Reuters Locations: Nice, France, Singapore, New York, United States, U.S, Europe, China

Fund managers sold a total of 57 million barrels over latest two weeks after having purchased 398 million barrels over the previous 12 weeks since the end of June. Hedge funds and other money managers sold the equivalent of 3 million barrels over the week ended Oct. 3. Fund managers have sold gasoline in each of the latest three weeks by a total of 22 million barrels since Sept. 12. As a result, the net position has been cut to 48 million barrels (42nd percentile) from 71 million (77th percentile). Funds held a net long position of just 9 billion cubic feet (32nd percentile since 2010) down from a recent high of 743 billion cubic feet (48th percentile) on July 11.

Persons: Cushing, Brent, John Kemp, Bernadette Baum Organizations: REUTERS, ICE, U.S, Henry Hub, U.S . Commodity Futures Trading Commission, Funds, Thomson, Reuters Locations: Cushing , Oklahoma, U.S, Israel, Chartbook, Brent, NYMEX, Louisiana, Pacific, United States

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