{"id":62657,"date":"2023-09-18T18:24:39","date_gmt":"2023-09-18T22:24:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-oil-benchmark-extremely-vulnerable-to-profit-taking-after-surge-above-90-a-barrel-socgen\/"},"modified":"2023-09-18T18:24:42","modified_gmt":"2023-09-18T22:24:42","slug":"u-s-oil-benchmark-extremely-vulnerable-to-profit-taking-after-surge-above-90-a-barrel-socgen","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62657","title":{"rendered":"U.S. oil benchmark \u2018extremely vulnerable\u2019 to profit taking after surge above $90 a barrel: SocGen"},"content":{"rendered":"
\n

Speculators have been quick to chase a breakneck rally in crude futures. Now, the U.S. benchmark may be prone to a near-term pullback, warned analysts at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale on Monday.<\/p>\n

West Texas Intermediate crude
\n CL00,
\n +0.53%<\/bg-quote>,<\/span>
\n the U.S. benchmark, closed Monday at $91.48 a barrel on the New York Mercantile Exchange, a gain of 71 cents, or 0.8%, for its highest close since Nov. 7. It\u2019s rallied more than 37% off its 2023 closing low of $66.74 set on March 17. <\/p>\n

\n

November Brent crude
\n BRN00,
\n +0.15%<\/bg-quote><\/p>\n

BRNX23,
\n +0.15%<\/bg-quote>
\n rose 50 cents, or 0.5%, to close at $94.43 a barrel. It\u2019s up more than 31% from its 2023 low.<\/p>\n

SocGen analysts, led by Benjamin Hoff, global head of commodity research, estimated that the energy complex saw a $4 billion bullish flow in the weekly period ended Sept. 12, driven by flows of $2.7 billion for WTI and $2.1 billion for Brent. Bullish flows are defined as long building plus short covering, or long building that exceeds short building, or long liquidations that\u2019s less than short covering.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

Money-manager long positions in WTI are now the largest since February 2022, while Brent longs are largest since this past March.<\/p>\n

SocGen\u2019s one-year overbought\/oversold, or OBOS, model, meanwhile, remains \u201cextremely overbought\u201d for WTI, the analysts wrote. That means WTI futures are \u201cextremely vulnerable\u201d to a one-year pullback. Brent moved in the same direction, but hasn\u2019t yet reached overbought territory due to a lack of long money-market positioning relative to total market open interest, SocGen said.<\/p>\n

Open interest refers to the total number of open contracts.<\/p>\n

A decision by Saudi Arabia to cut production by 1 million barrels a day beginning in July has helped boost the rally for crude, amplifying expectations for a second half supply deficit. The cut was recently extended through the end of the year, while Russia has also moved to curb supplies by 300,000 barrels a day over the same stretch.<\/p>\n

See<\/strong>: Janet Yellen says she expects soaring oil prices to stabilize<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Speculators have been quick to chase a breakneck rally in crude futures. Now, the U.S. benchmark may be prone to a near-term pullback, warned analysts at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale on Monday. West Texas Intermediate crude CL00, +0.53%, the U.S. benchmark, closed Monday at $91.48 a barrel on the New York Mercantile Exchange, a gain of 71 […]<\/p>\n","protected":false},"author":1,"featured_media":62658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-62657","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nU.S. oil benchmark \u2018extremely vulnerable\u2019 to profit taking after surge above $90 a barrel: SocGen | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Speculators have been quick to chase a breakneck rally in crude futures. 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