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Large speculators added more than 33,000 new short positions in ULSD and gasoil during the week reported to the CFTC. A Libyan refinery fire forced force majeure, and a CNPC report suggested China's refined product demand peaked in 2023.
Heavy speculative shorting and a possible long-term fall in Chinese fuel demand pressure diesel prices, though the Libyan outage is not expected to disrupt exports.
tacenergy.comDec 16, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
