Crude prices tumbled almost 4% on Thursday as the start of the fourth quarter brought to fore new concerns about demand for oil in a season that isn’t particularly great for travel — fall. Add to that the coronavirus’ stranglehold on the economy and fears that Libya could saddle the market with an additional 1 million barrels per day and you have a perfect storm for those with long positions in oil. “The market is clearly struggling with crude supply currently and I think it’s showing up in the price action,” said Scott Shelton, energy futures broker at ICAP (LON:NXGN) in Durham, North Carolina.
From the price of coffee to the national debt as a percentage of GDP, these 11 numbers provide a picture of a fast changing global economy.
The Commitments of Traders report covering positions held and changes made by money managers in the week to July 7. Appetite for risk during this U.S. holiday shortened week was firm with the Bloomberg Commodity Index rising by 2.4%. Broad-based buying lifted the net-long held across 24 commodity futures above one million lots for the first time since January.