Publications: Notes at the Margin

Oil Markets: Shrinking (December 13, 2021)


Oil futures markets are shrinking. Explanations for the decline are few, and one can foresee severe consequences for the industry’s future if the trend continues. As explained in this report, we trace the decrease to a credit squeeze on traders tied to the rise of global LNG prices. The plunge in crude open interest has been mirrored by declines in open interest in distillate fuel oil and gasoline.


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