Oil speculators are closing in on the end of one of the fastest-ever sell-offs of bullish futures and options contracts. In the ICE Brent contract that is used to settle global oil prices, these traders have sold the equivalent of 240 million barrels since prices peaked Oct. 3, or roughly one-half of all their contracts betting on higher prices. The only other time they have sold off more bullish contracts was earlier this year, when they exited 300 million bbl worth of contracts between May and August — but that move took twice as long as the current trade, and prices slid far less, losing just $7 (OD Aug.13’18).
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