EU parliament adds gas and nuclear to green energy list
France to renationalise nuclear power generator EdF
Aramco raises official selling prices as oil futures fall
Oil price falls not yet justified by recession risk ($BBG)
China tax reductions hit $385 billion in Jan-June (trans.)
China plans to boost car sales after lockdown hit ($BBG)
United States intensifies sanctions enforcement on Iran
PRIOR to this week’s sharp drop in oil prices, hedge fund positioning was not showing the congestion that often signals an imminent reversal in the price trend:
HEDGE FUND positions in crude were below average in both Brent and WTI (36-37th percentile). The ratio of long to short positions showed a bullish bias but not excessively so (65-66th percentile):
HEDGE FUND managers showed no sign of preparing for a sharp fall in oil prices – with the number of short positions close to multi-year lows:
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