RE:RE:RE:RE:RE:WTI OIL $112. The only oil bear, Citibank blew it, lol.
One of Wall Street’s only bears on the oil market decided to “step aside” on Wednesday, saying that Russia’s invasion of Ukraine has made a bet against oil prices too dicey. But other investors are ramping up negative bets on the energy sector as prices of several commodities soar to new highs.
Citigroup analysts predicted last month that Brent oil prices would fall 18% to 20% by the second half of the year, and established a short position on December Brent futures, recommending that investors sell Brent at $82.39 a barrel. They wrote that they had “high confidence” in the trade. The stop loss on the trade was $92, a level that it crossed on Wednesday as Brent futures soared to new highs. The trade lost 11.5%.