Changing the OPEC+ meeting date from November 27 to November 30 could affect millions of barrels of oil in option contracts. This was reported by Bloomberg.
According to the publication, January contracts for the supply of Brent oil contain about 646 million barrels, but only some of them will potentially react significantly to the cartel’s decisions.
There are also approximately 11 thousand diesel and several hundred gasoline options in the US market. The publication notes that options are a popular hedging tool for investors because they allow them to insure against volatility more cheaply.
Date drift may cause additional price fluctuations when positions are adjusted from one month to the next. Four of the five most actively traded contracts currently are in February. The publication noted that such a decision by OPEC+ could be due to the desire to avoid the influence of speculators.
The previous day, oil prices fell after the following news: transfer OPEC+ meetings.
Previously in Russia It is cancelled Summer diesel export ban