August 9, 2022

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The crude market is seeing investors rushing back to trade of oil.

JPMorgan Chase and Goldman Sachs Group are seeing the crude market on a rise. WTI and Brent Crude Oil futures have risen to the highest level since June in their total holdings. JPMorgan and Goldman Sachs predict there might be some hedge funds entering causing a spike in prices.

The surge in prices of oil is an aftereffect of its market price taking a nose dive to a dollar. As the demand for oil was reduced significantly during the initial stage of Covid 19. The lack in consumption created a huge surplus of oil in the market causing its prices to plummet. The lowest point for oil market was in November 2020 however since then the market is swiftly on the rise.

Harry Tchilinguirian BNP Paribas’ oil strategist said investors are thinking over putting fund in the commodity assets. The trend has been shifting back to crude oil by the big investors he said.

JPMorgan is one of those banks who is supporting investment in commodities rather than dollar due to its falling value. Bank of America corporation thinks that such institutional interest is pushing the oil higher.

FAtihBirol believed that current rally is beneficial for hedging producers, as WTI could reach $50 a barrel in 2022. He also said that Brent is already above $50 and told shale oil is currently the hot product in market.

Although there has been recovery in the crude oil market yet there were new participants actively trading in oil. The market was very bullish with the entry of these new investors. Reportedly money managers at Brent and WTI have increased exponentially to 163. While previously in march there were around 94 money managers in total with them.

The shift of investing trend bodes really well for owners of world’s top oil exchanges, CME Group and the International Exchange Inc.

Peter Keavey, MD energy products at CME Group said that WTI markets have seen great increase in investors. The interest of investors from around the world is increasing in WTI. He also said that WTI remained the choice of market to manage crude oil around the globe.

Crude Oil had every reason to be on the rise this year. Since its plunge last year, with the rising demand the index has been going higher. Market analysts expected to a cash flow of about $9 billion last week with the rising index. Moreover, the declining prices of the dollar are also causing the prices of commodities to rise above said JPMorgan. Goldman Sachs is predicting a super cycle in the commodities, which stands true in case of cryptocurrencies

Jeff Barbuto of the ICE said that crude oil prices are mostly influenced by Brent. He also said that Brent’sindexes are forecasting improving global trade and demand for Brent’s futures in the market.


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