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☆ Very possible we could have a painful drawdown in H1 '24, says Fundstrat's Tom Lee
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVery possible we could have a painful drawdown in H1 '24, says Fundstrat's Tom LeeTom Lee, Fundstrat Global Advisors co-founder, joins 'Squawk Box' joins 'Squawk on the Street' to discuss why August could be tricky for markets, whether Lee's worried about market bullishness, and more.

Persons: Tom Lee Tom Lee, Lee's Organizations: Fundstrat Global Advisors

☆ Why JPMorgan's trading desk says a new record high in the S&P 500 'feels inevitable'
▼ + stars: | 2023-08-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

A group of analysts from JPMorgan's trading desk say a new record high for S&P 500 "feels inevitable." The S&P 500 closed at 4,576.73 on Tuesday, less than 5% shy of its record closing level of 4,796.56 reached in January 2022. The fact earnings can beat expectations in an high-rate environment creates the argument for elevated valuations, in their view, and that could push the S&P 500 well beyond record highs. Anastasia Amoroso, iCapital's chief investment strategist, told Insider on Monday that all-time highs indeed look possible for the S&P 500 in the near-term. Steady multiples and fulfilled earnings expectations should be enough to justify the S&P 500 at 4,800 or above."

Persons: Andrew Tyler, there's, that's, it's, Anastasia Amoroso, Amoroso Organizations: Service, Federal Reserve Locations: Wall, Silicon

☆ Famed economist David Rosenberg says the Fed's research team laughed at him in late 2007 when he warned them a recession was coming. He says the central bank is now on the verge of sparking another do
▼ + stars: | 2023-07-31 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Economist David Rosenberg told Insider that Fed employees laughed at his recession call in 2007. On October 9, 2007, shortly before the global economy plunged into recession, David Rosenberg delivered a presentation to economists and members of the research team at the Federal Reserve detailing why a downturn was coming. The Treasury yield curve is near its most inverted levels since the early 1980s. Here's the spread between the 3-month and 10-year Treasury yields. Then there's The Conference Board's Leading Economic Index, which is in recessionary territory, marked by the red lines below.

Persons: David Rosenberg, Rosenberg, Merrill Lynch, Mr, Louis Organizations: Federal Reserve, North, Conference, Fed, Federal, Rosenberg Research, Treasury, Federal Reserve Bank of St Locations: North American

☆ The one thing Elon Musk, Ray Dalio, Apple and Goldman Sachs agree on: India
▼ + stars: | 2023-07-30 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

The nation's booming tech scene, buoyant stock market, and youthful population are just some of the factors going for it. Billionaire investor Ray Dalio has said the country is ready for rapid growth, while Elon Musk has highlighted the prospect of Tesla building a factory there. Apple CEO Tim Cook has also voiced his optimism toward India, while Goldman Sachs predicts the South Asian economy to surpass the US in size by 2075. Goldman Sachs expects the South Asian nation's GDP to surge to $52.5 trillion by then, from $3.4 trillion at the end of 2022. His sanguineness toward India has seen Apple open its first two stores in the country earlier this year.

Persons: Ray Dalio, Elon Musk, Tim Cook, Goldman Sachs, Here's, Tesla, Musk, Narendra Modi, Modi, Dalio, Deng Xiaoping, Mark Mobius, Mobius, —, He's Organizations: Service, Billionaire, Apple, Wall, Elon, Twitter, Reuters, Bridgewater Associates, Bloomberg, Big Tech Locations: India, Wall, Silicon, China, Washington, Beijing

☆ Wall St. Pessimists Are Getting Used to Being Wrong
▼ + stars: | 2023-07-28 | by ( Joe Rennison | More About Joe Rennison | ) www.nytimes.com time to read: +1 min

Beaten as they might be by the stock market’s rally, worriers on Wall Street still question how long it can last. After starting the year with dour warnings about the economy, many investors and analysts have changed their minds. Marquee earnings from some large tech companies, like Meta and Alphabet, helped drive stock prices higher. Consumer-facing companies like Coca-Cola and Unilever that are dependent on households continuing to spend also posted bumper financial results. The benchmark sits roughly 5 percent away from the record it reached in January 2022.

Persons: Jerome H, Powell Organizations: Consumer, Cola, Unilever, Federal Reserve

Still, money market traders are split on the odds of another increase later in the year.FEDWATCH"The 25 basis point rise is a done deal. "The risk is that the Fed, looking at market bullishness, may not want to sound too dovish - they may want to keep the door open for more rate hikes." The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, was flat. In Hong Kong, the Hang Seng index (.HSI) was down 0.3% and China's blue chip CSI300 index (.CSI300) was off 0.2%. Positive sentiment had returned to China's market on Tuesday, when the CSI 300 Index snapped a six-day losing streak.

Persons: Luca Paolini, Alison Rose, Nigel Farage's, We're, David Chao, Tom Wilson, Scott Murdoch, Jamie Freed, Kim Coghill Organizations: Fed, Federal, Pictet Asset Management, NatWest, BBC, Lloyds, CSI, ECB, Brent, Thomson Locations: SYDNEY, U.S, Germany, France, Britain, CHINA, Asia, Pacific, Japan, Hong Kong, London, Sydney

☆ Here's what the bears are missing, and why there's still money to be made in this bull market
▼ + stars: | 2023-07-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

We know there are so many reasons why this bull market has eluded so many. It's sudden broadening into health care, transports and financials just when we were told the bull was slain by its lack of breadth. I hope readers here know that I felt that only by tuning out the Fed could you make maximum money in the market. You simply had to ignore the verbiage, block out the gasbags who simply failed to see the two-staged bull market right in front of them. Needless to say, if you needed any evidence that we are in a bull market, the rally in that dog may be enough to make the prosecution rest.

Persons: Jerome Powell's, Powell, It's, Joe Biden's, Powell's, that's, Larry Fink, DR Horton, Powell didn't, IPOs, David Solomon's, Goldman Sachs, Barbie, Oppenheimer, Steve Squeri, Squeri, Jeff Marks, Jeff, Johnson, Elliott Management's, Lauder, Jackson, Jim Cramer's, Jim Cramer, Jim, Victor J Organizations: Federal, Dow, Taiwan Semiconductor Manufacturing Company, AS, Blackrock, DR, Western Alliance, FTC, Federal Trade Commission, Justice Department, Club, Microsoft, Activision, American Express, DuPont, Constellation Brands, Disney, Fed, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: Washington, IPOs, Cava, Wyoming

☆ Stock market bullishness is rising, and that's not necessarily good
▼ + stars: | 2023-07-18 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

The July Bank of America Fund Managers Survey, a survey of more than 200 global fund managers, out today, indicates that 68% expect a "soft landing", while only 21% expect a "hard landing" (4% expect "no landing"). That estimate for a "soft landing" has been rising for several months. One of the underpinnings of a rising market is high levels of skepticism because it represents people who would come back into the market. But with a lot of investors jumping back in, it makes it harder for the market to advance. The market now has two problems: 1) rising levels of bullishness, and 2) high valuations, with the S & P 500 now trading at roughly 19 times forward earnings, well above the historic average.

Organizations: Bank of America, Survey, American Association of Locations: hawkish

☆ Schwab CEO says bullishness among retail traders is rising, with buy orders 20% higher than sells
▼ + stars: | 2023-07-18 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Walter "Walt" Bettinger, president and chief executive officer of Charles Schwab Corp., speaks during the 2015 Fortune Global Forum in San Francisco, California, on Tuesday, Nov. 3, 2015. Charles Schwab CEO Walt Bettinger said Tuesday that retail investors using his brokerage platform are showing signs of bullishness on the stock market. Bettinger revealed that Schwab clients have been adding equity exposure in the past few months. The volume of buy orders on Schwab's platform is 20% higher than sell orders, showing investor optimism about the market, he added. And we saw in the aggregate for the second quarter, buys were about 20% higher than sells.

Persons: Walter, Walt, Bettinger, Charles Schwab, Walt Bettinger, Schwab, Jesse Pound Organizations: Charles Schwab Corp, Global Locations: San Francisco , California

☆ These 'high quality compounders' are Bank of America's top picks ahead of second quarter earnings
▼ + stars: | 2023-07-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Analysts' at Bank of America have named a host of stocks that are poised to outperform heading into second earnings season. The bank said this week there are several "high quality" buying opportunities that aren't getting enough investor attention. CNBC Pro combed through the top Bank of America research to find analysts' favorite ideas as earnings releases ramp up. They include: Mondelez, SolarEdge , Rollins, Thomson Reuters and Broadcom. Bank of America recently initiated coverage of the stock with a buy rating, calling Rollins "a high-growth compounder through economic cycles."

Persons: SolarEdge, Rollins, Thomson, Jason Haas, Haas, BofA, Julien Dumoulin, Smith, Dumoulin, Heather Balsky, Balsky, Dirk Van de, MDLZ Organizations: Bank of America, CNBC, Thomson Reuters, Broadcom, Rollins, . Bank of America Locations: 2Q23, Europe, U.S

☆ 3 health-care stocks are in the headlines. How the news impacts our investments
▼ + stars: | 2023-07-13 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +8 min

In April, alongside its first-quarter results, J & J raised its full-year sales guidance by about $1 billion and its earnings-per-share outlook by 15 cents. Clearing this overhang would help reduce the discount at which J & J shares to pharmaceutical peers, the firm said. The Club's take: JPMorgan's thinking on J & J aligns quite closely with our own. The dark cloud of talc lawsuits continues to keep a lid on J & J's stock price. Joaquin Duato, chief executive officer of Johnson & Johnson, at the company's headquarters in New Brunswick, New Jersey, U.S., on Thursday, April 21, 2022.

Persons: Johnson, Eli Lilly, J, Wells, Wells Fargo, Eli Lilly's, —, Eisai, Biogen, Bloomberg, we've, Jim Cramer's, Jim Cramer, Jim, Joaquin Duato, Amir Hamia Organizations: Johnson, JPMorgan, pharma, U.S ., Humana, UnitedHealth, Bloomberg, U.S, Mayo Clinic, Club, GE Healthcare, CNBC, Getty, & $ Locations: U.S, California, Wells Fargo, Rochester , Minnesota, New Brunswick , New Jersey

☆ 'I've seen this show before': A renowned market bear who called the dot-com bubble warns a recession is still barreling toward the US economy — and stocks are due to suffer as misguided optimism fuels
▼ + stars: | 2023-07-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

There's a fairly simple way to characterize Societe Generale strategist Albert Edwards' latest note to clients. Bears are boys who cried wolf (recession), and investors are the shepherd who have become sick of the ongoing warnings and have stopped heeding their calls. Societe GeneraleAll of this optimism is likely a mistake, Edwards said as he doubled down on his recession call. In an May note, Edwards said "recession is a done deal," citing The Conference Board's Leading Economic Index, which has been at recessionary levels for months now. The indicators takes into account variables like manufacturing activity, stock performance, consumer confidence, housing market activity, and bond market activity.

Persons: Albert Edwards, Edwards, downgrades, —, I'm, Michelle Cluver, Jason Draho, Neil Dutta, Ian Shepherdson Organizations: Societe Generale, Bears, Generale All, Generale, Investors, Bureau of Labor Statistics, X, Federal Reserve, UBS, Macro

☆ A lead portfolio manager at a $205 billion asset manager explains why there's no recession ahead for the US economy — and shares 8 mid-sized stocks set to beat the market going forward
▼ + stars: | 2023-07-07 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +5 min

Diane Jaffee — lead portfolio manager at TCW, which manages $205 billion in assets — sits solidly in this latter camp. "Historically, mid-caps and small-caps outperform large caps over time, but you have to go back to a 20 year time horizon before that's true," Jaffee explained. 8 mid-cap stocks set to outperformWithin her mid-cap fund, some of Jaffee's financials holdings include insurance broker Arch Capital Group (ACGL) and private equity firm Apollo Global Management (APO). "It has a great management team that comes from JPMorgan, and they're an economic focus for Puerto Rico," Jaffee explained. Within consumer discretionary stocks, Jaffee also noted homebuilder Toll Brothers (TOL) as another top holding.

Persons: Diane Jaffee, Jaffee, Morgan Stanley, Seth Carpenter, Carpenter, that's, We've, They've, homebuilder, she's, LEN Organizations: Wall, Federal Reserve, —, Arch Capital, Apollo Global Management, Banco Popular, JPMorgan, Puerto, Darden, Medicaid outlays Locations: TCW, financials, Puerto Rican, Puerto Rico, Olive

Hedge funds and other money managers sold the equivalent of 64 million barrels in the six most important petroleum-related futures and options contracts in the seven days ending June 27. Essentially all the sales were concentrated in crude contracts split evenly between Brent (-31 million barrels) and NYMEX and ICE WTI (-33 million barrels). Fund managers had accumulated 136 million barrels of gross short positions in NYMEX WTI, the most since 2017. The slump in WTI positions is likely being intensified by contract changes which have seen WTI crude grades added to the Brent futures contract. From a positioning perspective, extreme pessimism towards crude prices and lopsided positions are creating potential for an explosive rally in future.

Persons: Alexander Manzyuk, Brent, John Kemp, David Evans Organizations: REUTERS, OPEC ⁺, ICE, ICE WTI, Fund, Global, Thomson, Reuters Locations: Republic of Tatarstan, Russia, Saudi Arabia, Brent, NYMEX WTI, North America, Europe, China, U.S, Iran, Venezuela, distillates

☆ Warren Buffett's Berkshire Hathaway snaps up another $123 million in Occidental Petroleum stock, now owns 25% of the oil company
▼ + stars: | 2023-06-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Warren Buffett's Berkshire Hathaway now owns a little more than 25% of Occidental Petroleum after the latest purchases. Buffett's conglomerate picked up another 2.1 million shares this week, according to SEC filings. Berkshire's total holding of Occidental is worth around $13 billion, vested in 224 million shares. Berkshire now owns 224 million shares of the oil producer worth $13 billion. Occidental shares traded at $58.52 on Friday, with the stock down 4% from levels at the start of the year.

Persons: Warren, Berkshire, —, Berkshire Hathaway, Buffett, Brent Organizations: Berkshire Hathaway, Occidental Petroleum, SEC, Service, Occidental, Securities, Exchange Commission, Berkshire, Energy, West Texas Intermediate Locations: Occidental, Ukraine, Occidental , Berkshire, China

☆ 10 things to watch in the stock market Thursday, including bank stress tests and a possible chip trough
▼ + stars: | 2023-06-29 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

U.S. banks go 23 for 23, passing this year's Fed's stress test, including Club names Wells Fargo (WFC) and Morgan Stanley (MS). KeyBanc downgrades Club name Disney (DIS) to sector weight from overweight (hold from buy) without a price target. Piper upgrades to neutral from underweight (hold from sell), Bank of America increases price target to $76 per share from $68. Piper Sandler initiates coverage on the off-price retailers, starting Club holding TJX Companies (TJX) with a buy-equivalent overweight rating and a $110-per-share price target. Cuts price target to $40 per share from $47.

Persons: Premarket, Wells, Morgan Stanley, KeyBanc, Sanjay Mehrotra, McCormick, Piper Sandler, Piper, Eli Lilly, Warren Buffett's Berkshire, Jim Cramer's, Jim Cramer, Jim Organizations: Dow, Nasdaq, Citi, Disney, Micron, Bank of America, Netflix, TJX Companies, Marshalls, Ross Stores, Burlington Stores, Pfizer, Credit Suisse, Occidental Petroleum, Warren, Warren Buffett's Berkshire Hathaway, Berkshire, Energy, Halliburton, HAL, JPMorgan, Jim Cramer's Charitable, CNBC Locations: Big, Maxx, HomeGoods

☆ Stock market heads into the second half with near 15% total return so far in 2023
▼ + stars: | 2023-06-24 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

The S & P 500 had just sustained its worst calendar-year loss in half a generation. Textbook consolidation Last week's modest 1.4% decline in the S & P 500 did little to alter either the favorable underlying market trend or the notion that more consolidation might be in store. The median year-end S & P 500 target among Street strategists is 4250, 100 points below Friday's close, and the most-bullish forecast is for about a 5% further gain. And just as the market's performance has been skewed toward these hit hyper-cap tech stocks, so is the S & P 500's valuation. .SPX 1Y mountain S & P 500 1-year Big picture: The market this year has chewed through plenty of perfectly valid excuses to falter without doing so.

Persons: Ned Davis, Ed Clissold, Jeremy Schwartz, Lori Calvasina, we'll Organizations: Big Tech, Federal Reserve, Nasdaq, Intelligence, Ned Davis Research, New, Nvidia, General Motors, Whirlpool, RBC Capital Locations: DC

In the physical market, dated Brent prices are in contango through the rest of June and July, indicating traders expect plenty of crude to be available. The second-month spread is firmer, in the 66th percentile, but still implies the market is expected to tighten only gradually in the third quarter. Global petroleum inventories are well below the long-term average, especially for refined fuels such as diesel and gas oil. If the global economy avoids recession and resumes steady growth, low inventories could quickly put explosive upward pressure on prices and spreads. At the same time, expectations about a strong rebound in the economy and oil consumption in China have been deferred.

Persons: Brent, John Kemp, Barbara Lewis Organizations: OPEC, OPEC ⁺, Thomson Locations: Saudi Arabia, contango, North America, Europe, China, U.S, Venezuela, Iran, Russia, Saudi

☆ CNBC Daily Open: Everybody's fighting inflation
▼ + stars: | 2023-06-22 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally fadesU.S. stocks fell on Wednesday for the third-straight session as investors took a breather from last week's rally. In Europe, markets lost ground after U.K. inflation data came in higher than expected. More hikesFed Chair Jerome Powell reaffirmed his belief that more rate hikes are likely until more progress is made on bringing down inflation.

Persons: Jerome Powell, Goldman Sachs Organizations: CNBC, Intel, Taiwan Semiconductor Manufacturing Company, Financial Services Committee, bullishness, EV Locations: Europe, BlackRock

☆ Tesla stock is on track for the biggest 2-month surge since 2020 as the EV maker bags more charging deals
▼ + stars: | 2023-06-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Tesla stock is on track for the biggest two-month rally since 2020 as the company secures more charging deals. The shares have surged almost 60% since end-April, buoyed by the EV maker' collaborations with GM, Ford, and Rivian. Tesla also bagged another win after Texas approved the company's charging plugs as the state's industry standard. Simultaneously, Texas said it would mandate Tesla's charging plugs as the standard for the state's electric vehicle charging companies, according to Reuters. In recent weeks, the carmaker announced partnerships with General Motors and Ford, allowing both companies to use Tesla's charging stations by 2024.

Persons: Tesla, —, Elon, Rivian, RJ Scaringe, Dan Ives, bullishness Organizations: GM, Ford, Texas, Service, EV, Tesla, American, Adventure, Reuters, General Motors, Federal Reserve Locations: , Texas, China

☆ Bitcoin rallies 10% to highest level in over a month as traders get bullish on ETF news
▼ + stars: | 2023-06-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Bitcoin rose to its highest level in more than a month on Wednesday, as traders got excited about the prospects of a spot bitcoin ETF following a series of recent applications from companies including BlackRock . The price of bitcoin jumped 10% to $29,405.22 at about 11 a.m. ET, the highest point since May 6, according to CoinGecko data, extending gains from earlier in the day. Investors are growing bullish about the prospects of BlackRock and other major institutional names getting involved in digital assets. "The slate of spot bitcoin ETF application announcements by larger institutions has definitely brought back bullishness into the crypto markets," Vijay Ayyar, head of international markets at CoinDCX, India's largest crypto exchange, told CNBC.

Persons: Bitcoin, bitcoin, Vijay Ayyar, Ayyar Organizations: Mobile, CNBC, BTC Locations: Barcelona, Spain, BlackRock, CoinDCX

☆ Legendary emerging markets investor Mark Mobius — who's known for his bullish views on China — is now setting his sights on India
▼ + stars: | 2023-06-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Legendary emerging markets investor Mark Mobius is bullish on India. He told Bloomberg that India — whose GDP growth hit 7.2% in the last year — is the "real future." "To me, India is the real future," Mobius, the cofounder of Mobius Capital Partners, told Bloomberg on Tuesday. Mobius told the news outlet he wasn't put off by a short-seller report targeting the Adani conglomerate earlier this year. "I was at the Expo in Dubai and one of the boy bands was entertaining and it's an Arab audience and they all knew the words," Mobius told Bloomberg.

Persons: Mark Mobius, He's, —, China, Mobius, wasn't, he's wasn't Organizations: Bloomberg, India, Service, Mobius Capital Partners, Fox Business, HSBC, South China Morning Post Locations: India, Korea, China, Taiwan, Beijing, Shanghai, Dubai

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Tesla, Amazon, Delta, Rivian, Disney & more
▼ + stars: | 2023-06-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Evercore ISI reiterates Apple as outperform Evercore said it's bullish on Apple's venture into augmented and virtual reality. " Morgan Stanley upgrades U.S. Foods to overweight from equal weight Morgan Stanley said in its upgrade of the stock that it sees "optionality." Morgan Stanley initiates Everest Re Group as overweight Morgan Stanley said it's bullish on shares of the insurer. Morgan Stanley initiates Arch Capital as overweight Morgan Stanley said the insurance company is "best positioned for secular growth opportunities." Morgan Stanley upgrades Avis Budget to overweight from equal weight Morgan Stanley said it likes the company's profitability potential.

Persons: Evercore, it's, it's bullish, Piper Sandler, Tesla, Piper, we've, Morgan Stanley, Baidu, Read, Philip Morris, Raymond James downgrades Palantir, Raymond James, Goldman Sachs, Goldman, Canaccord, Bud, Chipotle Organizations: Apple, Pro, Credit Suisse, Citi, Delta Citi, Bank of America, Inc, Foods, Everest, Arch, Avis, OW, Nvidia, Data Center, BMO, Securities, Disney, ESPN, Anheuser Busch InBev Locations: 1H23, 2Q23, China, combustibles, Hulu

☆ 'When we meet again, may we all be carefree': Read the outgoing Alibaba CEO's memo to staff
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Read the full memo Zhang sent to Alibaba employees:My fellow Aliren,Since becoming CEO of Alibaba Group in May 2015, it has become my custom to send several letters to everyone every year. In turn, the Alibaba board of directors has appointed Joseph C. Tsai to succeed me as Chairman and Eddie Yongming Wu to succeed me as Chief Executive Officer. Time flies, and this year marks my 16th year at Alibaba Group. My appointment as CEO and Chairman of Alibaba Group was beyond my imagination. Daniel ZhangAlibaba Group Chairman and CEOAlibaba Cloud Intelligence Group Chairman and CEO2023.6.20

Persons: Zhang, Alibaba, Joseph C, Tsai, Eddie Yongming Wu, Joe, Eddie, hopefuly, Daniel Zhang Alibaba, 2023.6.20 Organizations: CNBC, Alibaba Group, Cloud Intelligence, Cainiao Smart Logistics, Cloud Intelligence Group, Alibaba Locations: Alibaba

Hedge funds and other money managers sold the equivalent of 21 million barrels of crude oil options and futures but purchased 18 million barrels of products, including 14 million of distillates, over the week ending on June 13. The biggest rotation has been from U.S. crude to European gas oil, reflecting the rise in crude inventories in the United States while stocks of distillates, used heavily in Europe, remain well below normal around the world. The most recent weekly increase in gas oil positions was the largest for almost two years since August 2021 and before that November 2020. Funds had already built a fairly sizeable position in U.S. diesel and now bullishness is starting to spill over into European gas oil. U.S. commercial crude oil inventories were 16 million barrels (+4% or +0.28 standard deviations) above the prior ten-year seasonal average on June 9.

Persons: ”, John Kemp, Kirsten Donovan Organizations: ICE, Funds, diesel, Saudi, Thomson, Reuters Locations: United States, Europe, NYMEX, U.S, Freeport LNG, Saudi

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