The weekly Commitment of Traders reports from the CFTC and ICE tell us how hungry financial investors were for risk in the recent past. It is not exactly forward looking but the day’s price action is usually a good indicator if this risk is palatable.
The amazing scenes in Syria catch most of the eye this morning, which we touch upon below, and oil prices have responded with the normal twitch higher, but in rather quiet fashion for all ponder on what a new look Syria does for the world order.
Yesterday's sedate affair in price action from oil contracts is not quite a damning verdict on OPEC's decision to roll current cuts into April 2025, but it hails a period of reflection. Those that follow oil balances will be quick to point out that the market just became a little tighter, well at least for the first part of 2025. However, if the plan to then unwind the first of 2.2 million over the ensuing year and the balance beyond to two-years from now, the market has just been offered another reason to stow any thoughts of a sustained medium/long-term rally, given that the current state of the world remains in similar form
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