Bloomberg_ investors have never loved opec so much as cartel sticks to cuts – aspire


Money managers are the most bullish ever on West Texas Intermediate crude for a second week as signs show OPEC and other nations are slashing production. Market futures for tomorrow The group cut supply by 840,000 barrels a day last month, according to a Bloomberg survey, and Russia, the largest of the non-members taking part in the deal, reduced output by 117,000 barrels a day. 256 in binary WTI has traded above US$50 a barrel for the past seven weeks, encouraging Wall Street investors to fund more drilling in U.S. Usd rmb exchange rate history shale fields.

“The smart money is starting to realise that the OPEC production cuts are real,” Phil Flynn, senior market analyst at Price Futures Group in Chicago, said by telephone on Friday. 1 usd to inr today “The oil story is beginning to look like the bust end of the cycle is over.”

Crude has risen 19 percent since the Organization of Petroleum Exporting Countries agreed in late November to cut output in an effort to reduce a global glut.

Live futures market With global demand growth outstripping supply gains elsewhere in the world, OPEC’s cuts may reduce stockpiles by as much as two million barrels a day this year, Andrew Hall, founder of hedge fund Astenbeck Capital Management LLC, said in an investor letter.

Hedge funds increased their net-long position, or the difference between bets on a price increase and wagers on a decline, by 2.4 percent to 379,927 in the week ended Jan. Binary coder 31, the highest level in data going back to 2006, U.S. Commodity Futures Trading Commission data show. Futures market explained WTI slipped 0.7 percent to US$52.81 a barrel during the report week and settled at US$53.83 on Friday.

January output reductions were led by Saudi Arabia, OPEC’s largest producer, which trimmed output by half a million barrels a day. Sftp binary mode Russia’s reduction was “more than twice as high as the initial plans of the companies,” Energy Minister Alexander Novak said.

A possible U.S. Binary explained border tax in some form may also provide a boost to prices and drilling. Future stock market The potential tax may lead to WTI rising 25 percent, said Ebele Kemery, portfolio manager and head of energy investing at JPMorgan Asset Management. What is the binary system U.S. Us exchange rate to canadian dollar Inventories

Still, OPEC’s total output remains 550,000 barrels a day above the target set out in their deal. Gold background images U.S. Usd nzd crude inventories keep growing, as Energy Information Administration data showed stockpiles rose to the highest level since August. Hall said that the OPEC cuts won’t be reflected in U.S. Equity meaning in accounting inventories until this month, because of a surge of Middle East supply before the deal, and the time it takes for tankers to reach the U.S.

The rally has encouraged U.S. Cnn world market futures shale producers to grow faster, which may help keep prices capped around US$55 a barrel as companies hedge their output. Producers and merchants increased their short positions, or bets on falling prices, to 703,259 contracts, CFTC data show. Exchange rate usd to cad history Diamondback Energy Inc. Usd rate plans to double its capital spending this year and Continental Resources Inc. 10110 binary will spend 77 percent more.

Wall Street is eager to join in. Rs to usd exchange rate Energy companies in the U.S. Xpf to usd raised US$6.64 billion from equity sales in January, the biggest haul for the beginning of a year since at least 2000, data compiled by Bloomberg show. Exchange rate us to pound Drillers have increased the number of rigs seeking oil by 84 percent since May, according to Baker Hughes Inc.

The market is “closely monitoring the compliance of the countries involved with the OPEC, non-OPEC production deal,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by telephone on Friday. Price of gold dubai “Early signs have been somewhat decent, so the market continues to reward their efforts. Binary convert to text The positioning is a bit extreme. Video editor windows free It could be a cautionary tale that the run may be nearing its end at the same time.”