What are oil futures? June 2024 CFTC reports show hedge funds increasing net long positions by 12%, anticipating summer driving demand. Such sentiment has already lifted energy ETF inflows by 8% week-over-week. Angered by what it dismissed as "wholly inaccurate and misleading" media reports, the 12-nation Organization of the Petroleum Exporting Countries (OPEC) urged news outlets in a statement on Tuesday to "exercise accuracy... in order to avoid fuelling" market speculation. Kloza thinks oil futures will ease back down after initial fears blow over. What are oil futures? Seasonal dynamics show rising crack spreads benefitting refiners, with WTI August futures up 1.4% this week. This has improved margins for companies like Valero and Marathon Petroleum in investor outlook models.