Traders Are Most Bearish Oil On Record As Bears Conclude OPEC+ Has Run Out Of Options Hedge funds and other asset managers have never been more pessimistic about the outlook for petroleum prices, as signs multiply that the major industrial economies are losing momentum according to energy analyst John Kemp. Investors have also concluded Saudi Arabia and its OPEC+ allies have run out of options and either cannot or will not restrict their own production further to offset the slowdown in consumption growth and slide in prices. Hedge funds and other money managers sold the equivalent of 128 million barrels in the six most important futures and options contracts over the seven days ending on September 10. Fund managers have sold petroleum in eight of the most recent ten weeks, cutting their combined position by a total of 558 million barrels since the start of July. And for the first time on record, funds held a net short position of 34 million barrels down from a net long position of 524 million barrels on July 2. The most recent week saw heavy sales across the board, led by Brent (-54 million barrels), but including NYMEX and ICE WTI (-27 million), European gas oil (-20 million), U.S. diesel (-15 million) and U.S. gasoline (-11 million).  Fund managers have sold Brent in seven of the most recent nine weeks, slashing their position by a total of 213 million barrels since July 9.  For the first time on record, funds held a net short position in Brent of 13 million barrels down from a net long position of 200 million nine weeks earlier.   Fund managers also held a record net short position of 48 million barrels in European gas oil and a near-record net short position of 39 million barrels in U.S.

Israeli Army Reveals Its Own Airstrike Likely Killed 3 Gaza Captives In more bad news for the Netanyahu government amid large protests led by hostage victims’ families, Israel’s military has belatedly issued the damning results of a formal probe into the deaths of three Israeli hostages whose bodies were recovered back in December. The Israel Defense Forces (IDF) now admit the three were “most likely” killed as a result of an Israeli airstrike. This comes after months of prior denials and is sure to fuel the anti-Netanyahu protests movement further. The IDF issued its findings with a ‘high probability’.  Protests unprecedented in size of lately gripped Tel Aviv. Two soldiers – Corporal Nick Beiser and Sergeant Ron Sherman – and and civilian man, Eliya Toledano, had been kidnapped by the Hamas raids into southern Israel on Oct. 7. They were being held in tunnels underneath the Gaza Strip when on November 10, 2023 airstrikes conducted by Israeli Air Force jets resulted in their deaths, the IDF has described. The military says it was unaware of their presence in the vicinity during the bombing raid. “It is estimated that the three were most likely killed as a by-product of an IDF airstrike, during the assassination of the commander of the northern division of Hamas, Ahmed Andor, on November 10, 2023,” an official statement said. “This is an estimate with a high probability in view of all the data, but it is not possible to determine with certainty the circumstances of their death,” the IDF continued. “This determination is based on the location where their bodies were found in relation to the impact of the attack,” as well as intelligence assessments. The families of the victims were informed of the internal military investigations findings on Sunday. Qatar-based Al Jazeera, which is banned

The U.S. and U.K. are increasingly concerned that Russia is sharing with Iran secret information and technology that could bring it closer to being able to build nuclear weapons, in exchange for Tehran providing Moscow with ballistic missiles for its war in Ukraine. The Kremlin has increased its cooperation with Iran over its ambitions to obtain atomic weapons in recent months, according to Western officials familiar with the matter, who spoke on the condition of anonymity to discuss assessments that haven’t been made public. The development was discussed by U.S. and U.K. officials in Washington this week, the people added, as British Prime Minister Keir Starmer met President Joe Biden at the White House for a strategic meeting on foreign policy. They described it as worrying, and an escalation of Russia and Iran’s military ties. Biden’s administration remains deeply concerned with Iran’s nuclear activities, according to a spokesperson for the White House’s National Security Council. Biden has made it clear that the U.S. is ready to use all elements of national power to prevent any nuclear escalation by Iran, the spokesperson said Saturday. Russia’s Foreign Ministry and Iran’s embassy at the International Atomic Energy Agency in Vienna didn’t respond to requests for comment. Group of Seven foreign ministers condemned “Iran’s export and Russia’s procurement of Iranian ballistic missiles” in a joint statement on Saturday, calling it a further escalation of Iranian military support to Russia’s war in Ukraine and demanding that it cease immediately. U.S. Secretary of State Antony Blinken suggested during a recent visit to London that Russia was exchanging nuclear technology with Tehran, saying Moscow had received a shipment of Iran’s Fath-360 ballistic missiles. “For its part, Russia is sharing technology that Iran seeks — this is a two-way street — including on nuclear issues, as well as some space information,” Blinken said. Blinken and U.K. Foreign Secretary David Lammy agreed during talks in London that “Iran’s nuclear program had never been more advanced,” the U.S. State Department said in a joint statement Saturday. Starmer will meet with Italian Prime Minister Giorgia Meloni in Rome on Monday to discuss Russia, Ukraine and the Middle East, among other topics. Italy has traditionally sought to project itself as a mediator in the Middle East, maintaining relations