Why We Could See A Larger Short-Covering Rally in Oil ...Middle East

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Why We Could See A Larger Short-Covering Rally in Oil
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Over the past couple of weeks, oil markets have been marred by a storm of top-down macroeconomic fears that fed momentum-following algorithms, resulting in an extended oil price fall exacerbated by a final stage of gamma hedging by banks. The overwhelming bearishness among money managers took positioning in crude oil and oil products to the most bearish extreme since the start of the Global Financial Crisis (GFC) in 2008.  As expected, a big oil price selloff ensued: front-month Brent crashed to $68.68 per barrel (bbl) intra-day on 10 September,…

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