- Changing nature of non-OPEC supply types may be affecting the crude oil futures marketChanges in the oil investment and production cycle may be affecting trading dynamics for West Texas Intermediate (WTI) and Brent crude oil futures contracts.
- Similar research from the U.S. Commodity Futures Trading Commission (CFTC) published last year suggests the lower open interest among long-dated WTI futures contracts is a result of the changing investment and production cycle for U.S. oil production.
- For the WTI futures contract, although the long-dated open interest is only slightly lower than levels earlier in the decade, the levels are low relative to the significant increase in U.S. crude oil and other liquids production since then, as shown in the ratio of the open interest to production in Figure 1.
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