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