Currie Claims Fears of an Oil Market Glut Are 'Completely Overplayed'

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Oil Market News

Supply Glut,Chinese Demand,US Crude Oil Production

A leading oil analyst warns that the market is overestimating a potential oil supply glut, citing underestimated Chinese demand and stable US crude oil production.

Oil market participants are “dramatically overestimating” a supply glut, as Chinese demand is not as doom-and-gloom as headline figures suggest and U.S. crude oil production is basically flat this year, Jeff Currie, chief strategy officer of energy pathways at Carlyle, said on Tuesday.

Hedge funds and other money managers accelerated their selling in the most traded petroleum futures contracts in the latest reporting week to September 3. Portfolio managers slashed their overall net long position—the difference between bullish and bearish bets—to the lowest level since exchanges began compiling such data in 2011. Rising global oil supply and weaker-than-expected demand have made traders increasingly bearish on oil prices.

 

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