Bears' Oil Bet Tanked 41%: Is Higher Price Here to Stay?
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Traders poured a record $977 million into the ProShares UltraShort Bloomberg Crude Oil ETF (SCO), betting on plummeting oil prices. Despite this, the fund plummeted 41% in March, its worst month in nearly six years. The ETF aims to deliver twice the opposite daily move of the Bloomberg Crude Oil Index, but long-term holding can be brutal. Oil eased back after Trumps Iran conflict remarks, but damaged refineries and reduced tanker traffic through the Strait of Hormuz could keep prices high. Analysts now predict a new baseline of $80-$85 per barrel for Brent crude, potentially trapping bearish gamblers.
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