Crude oil regains some track – TDS

Crude
oil’s
resilience
has
seen
Commodity
Trading
Advisors
(CTAs)
add
back
their
notable
length
in

WTI.
The
impact
to
oil
supply
from
hurricane
Beryl
was
less
than
expected,
TDS
analysts
note.

CTAs
add
back
their
notable
length
in WTI

“Crude
oil’s
resilience
has
seen
CTAs
add
back
their
notable
length
in WTI,
and
for
now,
it
is
likely
these
funds
will
hold
onto
their
position
unless
prices
sink
below
the
key
$80/bbl
region
which
has
held
strong
since
the
revival
of
the
supply
risk
premia
tied
to
Middle
East
tensions
and
an
early
start
to
what
experts
are
suggesting
will
be
a
busy
hurricane
season.”

“However,
with
that
said,
we
highlight
that
the
risk
premia
associated
with
Middle
East
tensions
tends
to
quickly
erode
without
an
escalation
to
a
broader
conflict,
and
with
systematic
flows
hitting
elevated
long
levels,
the
lack
of
persistent
buying
is
likely
to
soon
weigh
on
the
market
should
the
risk
premia
ease.”

“Meanwhile,
the
impact
to
oil
supply
from
hurricane
Beryl
was
less
than
expected,
adding
further
downward
pressure
to
the
market.”