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Big bets on oil prices soaring turn worthless as Iran risk fades
The Straits Times
|October 30, 2024
LONDON – Traders who piled into bullish options bets on oil prices at record pace are waking up to a harsh reality: Most of those contracts are now worthless.
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Israel refrained from striking Iran's energy infrastructure in its long-awaited bombardment of the OPEC nation over the weekend, sending crude prices crashing on Oct 28. West Texas Intermediate (WTI) plummeted 6.1 per cent to near US$67 a barrel, the biggest one-day drop for the US benchmark in more than two years. Brent slid 6.1 per cent to below US$72 a barrel.
Oil prices were little changed on Oct 29. Brent climbed 4 US cents to US$71.46, while WTI was down 1 US cent at US$67.37.
The plunge in oil prices has helped contribute to a chunk of about 800,000 Brent December call options expiring without a profit on Oct 28 as traders' urge to protect against a price spike evaporates.
Dit verhaal komt uit de October 30, 2024-editie van The Straits Times.
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