Short Sellers Beware: Saudi Arabia's Energy Minister Issues Warning

Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, has warned traders against shorting oil futures ahead of the OPEC+ panel on production policy meeting on June 4. The OPEC+ cuts announced in April caught speculators by surprise and threw short sellers under the bus. The most recent positioning data shows traders continue to be bearish on crude and continue to dump bullish bets. However, the Saudi energy minister warned traders against shorting oil, saying "Watch out!"