"July 25 (Bloomberg) -- The biggest bet in the oil market has become a 20 percent increase to $120 by the end of the year as global growth drives demand for raw materials.
The number of contracts held by traders in options to buy West Texas Intermediate crude at $120 a barrel in December totaled 45,502 lots on the New York Mercantile Exchange as of July 21, 4,226 lots more than the next-highest wager, which is for $125. Open interest in the two contracts jumped 29 percent in the past four weeks, according to data compiled by Bloomberg."
a perfect storm for MAD? Growing production, increasing oil price and a further reserve upgrade by year's end with work on Boling.
A great performance today in the face of a major sell off of energy stocks and the market in general. As one other poster noted, buyers now once again out numbering sellers. The next few months will be an exciting ride.
FDM Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
