The $100 a Barrel Oil Wager Comes Back to the Options Market [Bloomberg Business News]
Bank of America Corporation (BAC)
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Source: Bloomberg Business News
Some options traders are betting on $100 oil again. Whether it’s the specter of sanctions on Iran, Venezuela’s output plunge, or a momentum play on the back of the past year’s 46 percent surge in Brent, there are now the equivalent of about 93 million barrels wagering on the global benchmark hitting $100 at some point in the next 12 months. While triple-digit oil may be a way off in practice, talk that prices could top that barrier over the next 12 months is gaining traction. Bank of America said earlier this month that oil could rally to $100 by the middle of next year, a view echoed by veteran developing-nation investor Mark Mobius . Meanwhile Pierre Andurand , one of the most prominent hedge fund managers in the oil market, recently said that $300 a barrel was “not impossible”. Among the rationale behind those views are shrinking global oil stockpiles and more hawkish U.S. foreign policy. “You’ve seen geopolitical events that are there around V
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