Oil Crash Sends Speculators Fleeing at Fastest Pace in Six Weeks
- Declining liquidity will likely drive more volatility
- New York crude futures briefly hit lowest level since 2021
An oil pump jack in Midland, Texas, US.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
Speculators are once again fleeing the oil market, setting the stage for more extreme price swings.
Money managers dumped their net-bullish oil holdings by 19%, the biggest drop in six weeks. The positions are now at the lowest seasonal level in more than a decade.