US Commodity Futures Trading Commission and Bill O Grady

West Texas Intermediate: Brent crude net-long positions dropped, according to Business Week. OPEC stuck to its strategy of defending market share rather than prices at a meeting in Vienna on 5 June. Speculators reduced short wagers in West Texas Intermediate crude by 8.6 per cent and long bets by 2 per cent, for an overall 0.2 per cent contraction in the net-long position, US Commodity Futures Trading Commission data through 2 June show. The group is pumping the most oil since 2012, even with prices 45 per cent below last year peak. It abundantly clear now that there is going to be a lot more production coming, says Bill O’Grady, chief market strategist at Confluence Investment Management in St. The supply glut persists because even though US producers idled a record number of rigs and global drillers slashed spending plans, output has yet to collapse. (news.financializer.com). As reported in the news.