Energy Market Outlook: Mid-Year 2017

  • 22 May 2017
  • By The Hightower Report
  • Topics: Energy

By the beginning of May nearby crude oil prices had fallen more than $14 per barrel from their peak earlier in the year, a 24% decline in just five months. Not surprisingly, the main culprit behind the steep selloff  was increasing US production. This was abetted by aggressive speculator liquidation in the US WTI futures and options. As the weekly Commitments of Traders Reports indicated, the spec and fund position (non-commercial and nonreportable traders combined) reached a record net long of 601,016 contracts the week of February 21st. 

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The Hightower Report is a commodity research and information firm that caters to individual investors, brokers, commercial producers, and end users. The Hightower Report broadcasts daily in more than 45 countries and publishes its Newsletter twice monthly to more than 20,000 readers throughout the industry.