Hedge Funds Cut Bearish Bets on European Diesel to Two-Year Low
Bloomberg–Hedge funds slashed short-only positions on European diesel to the lowest in over two years while stacking up fresh bullish wagers, a sign that traders anticipate that a historic fuels crunch will stretch on.
European Gas Edges Lower as Traders Assess Middle East Flare-Up
Bloomberg— European natural gas prices edged lower as traders evaluate the region’s supply picture after fresh hostilities between the US and Iran.
Texas Gas Drillers Shut Out of Oil Price Rally Turn to Shutting Off Wells
Bloomberg– Two extremes are currently playing out in the Permian Basin. Drillers are reaping the benefits of a historic price rally due to the Iran war. But when it comes to natural gas, they’re having to pay customers to take it away.
Exxon Lifts 2030 Cash Flow Forecasts, Sees Less Low Carbon
(Bloomberg)-Exxon Mobil Corp. raised its forecast for future earnings and cash flow due to growth in key assets in the Permian Basin, Guyana and liquefied natural gas — and reduced low carbon investments.
Oil Traders Eye Glut Yet Remain Haunted by Past Price Spikes
(Bloomberg)–The worst may be over for the Philippine peso as falling oil prices boost the outlook for an economy that’s heavily reliant on oil imports.
China Set to Tackle Petrochemicals Overcapacity With Overhaul
Bloomberg–The Chinese government is set to launch a sweeping overhaul of its petrochemicals and oil refining sector, phasing out smaller facilities and targeting outdated operations for upgrades, while redirecting investment to advanced materials.