Oil Price in 20248 Apr 2024 18:56
FT.com today :
Oil markets are set to become “extremely tight” in the second half of this year, according to hedge fund giant Citadel, as Opec+’s control of the market allows it to keep prices high.
Sebastian Barrack, the firm’s head of commodities, told the FT’s Commodities Summit in Lausanne on Monday that the cartel has “definitely regained control” of the oil market.
That means that the volumes that its member nations supply, and the timing of that supply, “will define where prices go in the next 12 months”, he said. Citadel was last year named the most successful hedge fund of all time and has made large profits trading commodities.
Barrack’s comments come after Brent crude, the international benchmark, climbed above $90 per barrel last week for the first time since October, driven by fears of a widening conflict in the Middle East."
Maybe I will hold HBR for a little longer....?