Hedge funds and other money managers sold the equivalent of 25 million barrels in the six key oil futures in the week ending September 26, marking the first net negative week since mid-August even though WTI length is still rising (+16 MMbbls), OilPrices said. 

Oil prices have weakened with the expiry of the November futures contract, with ICE Brent back to trading around the $90 per barrel mark. The US dollar rose to its strongest since December 2022, and combined with another round of weak European manufacturing data it all added to a weaker start to October crude trading. Oil markets lost some of their bullish shine at the start of October, with a strong dollar, worrying economic data out of Europe, and the prospect of another OPEC+ policy change weighing oil prices down.Venezuela crude exports rebound on Chevron output.Venezuela’s national oil company PDVSA exported more than 800,000 b/d in September, the second highest monthly average in 2023 to date, just as Chevron produced 145,000 b/d last month and aims to expand output to 200,000 b/d next year.

/OilPrice/