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Speculative Oil Market Positions Finally Unravel Courtesy Of Saudi Energy Minister

collected by :Jack Alex

BP is investing $155 million in production facilities for Clean Energy Fuels Corp.’s Redeem-branded renewable natural gas.
The oil company will continue to subcontract the operations of these facilities to Clean Energy.
Clean Energy will be able to expand its Redeem customer base at its North American network of natural gas fueling stations.
Clean Energy will have access through a long-term supply contract with BP.
Clean Energy will buy RNG from BP and collect royalties on gas purchased from BP and sold as Redeem fuel at it stations.

as mentioned in

Oil slumps to close out biggest 3-day loss in a year, Energy & Commodities

That has cast doubt on how long OPEC will be willing to cut output if prices keep falling.
sentifi.com Market voices on:Prices began to slide earlier this week, after news of another big rise in US crude inventories to record highs.
US crude slumped nearly 9 per cent since Tuesday’s close, the biggest three-day decline since February of 2016.
US crude inventories swelled 8.2 million barrels last week to a record 528.4 million barrels.
Volume was again strong, with nearly 750,000 front-month US crude contracts changing hands, in what has been the busiest period for the oil markets since Opec cut production in late November.

Oil slumps to close out biggest 3-day loss in a year, Energy & Commodities*/

as mentioned in

Speculative Oil Market Positions Finally Unravel Courtesy Of Saudi Energy Minister

Speculative Oil Market Positions Finally Unravel Courtesy Of Saudi Energy Minister*/

“Saudi Arabia has cut production by more than what we promised [in December 2016], but we will not bear the burden of free riders.”
Market conjecture over the first quarter of 2017 has the so-called floor at $50 per barrel.
Don’t believe in wishful thinking that OPEC would underwrite the investment of others by perennially supporting the market.
On 7 March, in an exchange with CERA’s chairman and Pulitzer Prize winning author Daniel Yergin, Al-Falih gave his best impression of a flustered energy policy wonk and muttered: “The oil market should not get ahead of itself.
Yet, speculators, including money managers (lets label them ‘MMs’) such as hedge funds, spent most of February placing long bets.

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