Large integrated oil companies are expected to hold up better than drilling stocks as these giants have both upstream exploration and production, along with downstream refining operations. Moreover, oil majors have tightened their belts, reducing costs by laying off thousands of workers and halted many new projects.
“Speculators’ short position in WTI rose by 17,299 contracts, or 9.7 percent, to 196,048 futures and options, just shy of the all-time high reached three weeks ago, CFTC data show. Longs, or bets that prices will rise, climbed 12,051 to 301,232, the highest level since June. Net longs dropped 4.8 percent,” according to Bloomberg.
United States Oil Fund
