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Oil gained early on strong Chinese macro data and hints of deeper OPEC+ cuts, but gave back much of the gain later in the day. US manufacturing data disappointed and the US reimposed steel and aluminium tariffs on Brazil and Argentina.
Speculative net long positions in WTI rose to their largest since September.
Large speculative long positions leave crude vulnerable to a sell-off if the upcoming OPEC+ meeting disappoints, which would ease energy input costs.
think.ing.comWarren PattersonDec 3, 2019Not 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.
