With news of high energy costs dominating the world, and increasing inflation rates, options contracts that would increase the profits of investors from Brent crude reached $250 a barrel.
5 million barrels were bet between $250 and $300 late Thursday, for options in the December 2022 contracts. The contracts reaped profits, after oil prices rose to levels that analysts had not expected to touch levels recorded in 2008.
These contracts came after 8 million barrels were traded at prices ranging between $200 and $215 for West Texas Intermediate crude and 4 million barrels for Brent crude at the same price level for the December 2022 contracts.
With the price of crude oil approaching a seven-year high of around $80 a barrel, bets have grown on higher prices in futures contracts.
The deals also came on the same day that JPMorgan Chase analysts wrote in a note to clients that oil could rise above $100 and suggested there was a growing possibility that OPEC and its allies would divert crude supplies away from the United States due to strained relations. With the Biden administration, they said at the same time that producers have limited ability to increase production in response to higher prices. (Bloomberg)
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