Oil futures may be heading for a downturn as speculative positions grow, pushing Brent and WTI benchmarks below their 100-day moving averages. Open interest in ICE Brent hits a record high, signaling market concerns of oversupply. Hedge funds increase short positions, with ICE Brent posting record shorts.

ExxonMobil raises 2030 production guidance in new 5-year plan. Equinor discovers new gas and condensate fields in North Sea. Vitol secures deal to supply Colombia’s new gas import terminal. Chevron to participate in Nigeria’s oil licensing round. Antero Resources acquires gas assets from HG Energy.

Oil prices remain uncertain amid Iraq supply scare. EU eases corporate sustainability laws under US and Qatar pressure. G7 to replace failed Russian oil export price cap. China’s crude imports increase. Congo tightens cobalt export rules. India boosts Russian oil purchases. Brazil focuses on exploration. EU plans power grid overhaul. Libya prepares for gas wildcat. EIA to cut down on reports. India extends coal power expansion. Iraq shuts down oil field. UK drillers merge assets. ENI boosts gas reserves in Indonesia. US court rejects Trump wind energy ban.

Read more at Yahoo Finance: Hedge Funds Position for a Price Crash as Brent Shorts Hit All-Time High