{"id":5051,"date":"2006-09-22T00:00:00","date_gmt":"2006-09-22T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"oil-slump-and-hedge-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2006\/oil-slump-and-hedge-funds.html","title":{"rendered":"Oil Slump and Hedge funds"},"content":{"rendered":"
HedgeCo.Net (New York) – Traders said today that the precious metals market is under pressure because of a sharp drop in oil in the recent past. Prices fell more than 3% this week, taking it almost $17 below a record-high of $78.40 in July. Oil prices then spiked on Sept 20, bringing US light crude up 10 cents at $61.76. <\/p>\n

Some traders speculate that the volatile surges may be linked to billion dollar losses at prominent hedge funds. \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cAs the market seems to fear that further hedge funds could liquidate long positions, we expect energy prices to test even lower levels during the next days,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d Dresdner Kleinwort said in a daily market report. Dresdner Kleinwort is the investment bank of Dresdner Bank AG and a member of Allianz, headquartered in London and Frankfurt <\/p>\n

US crude stocks were forecast to fall 1.6 million barrels, which would still leave them in the upper end of the average range for this time of the year, a Reuters poll showed. Gasoline stocks were expected to rise by 100,000 barrels. <\/p>\n

Private US weather forecaster AccuWeather said on Sept 19 it expected colder than normal temperatures in the US<\/span> Northeast, home to 80% of US heating oil demand, and in the Midwest, where gas is the home heating fuel of choice. <\/p>\n

Some Opec ministers have signalled a price of $50-$60 a barrel should be sustained, but the cartel has avoided setting a formal target. The Opec basket stood at $58.67 on Sept 18. <\/p>\n

Alex Akesson <\/p>\n

Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net<\/a> <\/p>\n

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HedgeCo.Net (New York) – Traders said today that the precious metals market is under pressure because of a sharp drop in oil in the recent past. Prices fell more than 3% this week, taking it almost $17 below a record-high […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5051","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=5051"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5051\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}