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Stock impact report

Futures Markets: OPEC Cut Throws Wrench Into Record Oil Short-Selling Streak [Investor's Business Daily]

Intercontinental Exchange, Inc (ICE)  More Company Research Source: Investors Business Daily
Last intercontinental exchange, inc earnings: 8/1 07:30 am Check Earnings Report
US:NYSE Investor Relations: ir.theice.com
PDF OPEC's surprise output reduction has wrong-footed short-sellers. Hedge funds cut bets on rising Brent crude prices to the lowest level in more than three years in the week ended last Tuesday as short positions increased for a 10th straight time, the longest streak on record. Then on Friday, OPEC and its allies surprised the oil market with a bigger-than-expected cut. The action sent futures surging, leaving money managers pressed to unwind their bearish wagers. "Now that we've seen this fundamental shift in the market, I would expect there to be good support down at these price levels and lead those newly established shorts to start covering," said Ryan Fitzmaurice, an energy strategist at Rabobank. As of Monday, short-sellers didn't seem to be suffering for their pessimism. Brent futures fell 1.4% to $60.83 a barrel at 12:13 p.m. in New York. Traders questioned how the OPEC-plus deal would be implemented, and concerns swirled about the strength of oil demand. After much back-and-fort [Read more]
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