Oil prices have tumbled more than 20% since mid-June to around US$95 (RM423) a barrel amid mounting speculation that a recession, China Covid lockdowns, and consumer cutbacks in the face of high petrol prices could hurt demand. Investors pulled US$1.7bil (RM7.6bil) from energy funds since January.新2投注平台出租（www.hg108.vip）是皇冠（正网）接入菜宝钱包的TRC20-USDT支付系统，为皇冠代理提供专业的网上运营管理系统。系统实现注册、充值、提现、客服等全自动化功能。采用的USDT匿名支付、阅后即焚的IM客服系统，让皇冠代理的运营更轻松更安全。
NEW YORK: Money managers rolled back bets against the biggest exchange-traded fund (ETF) focused on oil-company stocks, signalling speculation that the price of crude is at least temporarily bottoming out after sliding sharply since last month.
Short sellers piled on to the US$33bil (RM147bil) Energy Select Sector SPDR Fund (ticker XLE), the biggest ETF focused on large-cap US energy stocks, as it rose along with the price of oil.
But after the energy rally reversed, delivering profits to those betting against the ETF, traders closed out positions, cutting the number of shares sold short by 14% over the past 30 days, according to data compiled by S3 Partners.
“ETF short sellers are actively trimming their short exposure – possibly looking for a bottom in the market and removing some of their downside bets,” said Ihor Dusaniwsky, S3’s head of predictive analytics.
Oil prices have tumbled more than 20% since mid-June to around US$95 (RM423) a barrel amid mounting speculation that a recession, China Covid lockdowns, and consumer cutbacks in the face of high petrol prices could hurt demand.
Investors pulled US$1.7bil (RM7.6bil) from energy funds since January.
But some money managers say energy-based ETFs now look like bargains, citing the tight oil and gas market, producers’ high profits and growing optimism that any US recession will be shallow. XLE is now down more than 20% from its June peak.,
“Investors were locking in profits, but for some there were concerns over a softer economic growth,” said Aniket Ullal, head of data and analytics at CFRA Research.
“As we have more clarity on China reopening and the pace of global economic growth, investors will have more price support for oil and energy ETFs.”
But there’s still a lot of uncertainty, leading to some extremely divergent calls on global oil prices.
Ed Morse, global head of commodities research at Citigroup Inc, has said that global economic slowdowns and robust supply growth mean crude prices are moving “more towards US$50 (RM223) over time than US$150 (RM668), absent producer interventions.”
Early this month, JPMorgan Chase & Co analysts said oil could reach US$380 (RM1,692) if US and European penalties over the Ukraine war prompt Russia to inflict retaliatory output cuts.
With crude still hovering around US$100 (RM445), ETFs containing oil stocks look like good bets, said Mark Stoeckle, Adams Funds’ chief executive officer, who manages the Adams Natural Resources Fund.
“At US$90 (RM401) per barrel energy companies are printing money and it’s impossible to find a sector with free cashflows higher,” he said.电报群组大全声明:该文看法仅代表作者自己，与本平台无关。转载请注明：哈希游戏源码:Biggest oil stock ETF sees short sellers unwind bets after rout