FILE PHOTO: A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver/File Photo
“What makes the current situation so pronounced is ... the duration of uncertainty around how the resolution will pan out,” said Marc Rowell, senior energy broker at Britannia Global Markets. Oil market participants engage in futures trading to mitigate risks by price changes to their business - producers generally use short positions to protect themselves from price increases while consumers use longs to hedge against decreases.
“The potential for continued crude oil price increases is an incentive for physical market buyers to secure a contract rate at present levels in case prices continue to rise.”Underscoring the instability is a disconnect between the four-month surge in the futures price and slow physical crude sales - with global demand expected to match supply only later in 2021.
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