Oil Traders Plow Half a Billion Barrels Back Into Futures Market

The burgeoning flows underpin a resurgence in Brent crude prices back above $85 a barrel in London to about $1 shy of a multi-year high set in 2021. With the omicron variant appearing more mild, the International Energy Agency said this week that demand appears to have been faring better than expected in recent weeks. One hedge fund has even been eying $200 a barrel due to a lack of exploration and investment in the longer-term.

The holdings have increased at the fastest pace since 2019.