The CTAS will continue to sell crude oil and industrial metals (excluding copper) in most scenarios for prices here next week. In the short term, the sales activity of the CTAS will continue to weigh in the price action for the OPEC meeting, says Daniel Ghald, senior strategist of TDS raw materials.
Energy demand remains resistant
“While the markets struggle to absorb additional barrels of the OPEC+, the demand for energy remains resistant, the production of shale in the US is reaching its maximum point, the export licenses of Venezuela have expired and the geopolitical risks around Iran are still high, everything which will probably act as a shock absorber to reduce prices at the moment.”
“However, beyond the seasonally strong summer months, OPEC exports should increase even more and press the global crude oil markets without a subsequent interruption in the supply. The path to sustainably higher prices remains extremely narrow, and although the speculative positioning is bassist, it is currently not vulnerable to a Squeeze.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
