It's nonsense. This website, and this author in particular, are very low quality. A couple weeks ago spun a meeting between China FM and Iran FM as some massive 25 year oil development/marketing deal with China. All unsourced. And almost all of it unsubstantiated by anyone except vague anonymous sources. Wrapped around a kernel of truth (the Iranian and Chinese FM did meet the preceeding week).
Regarding his accusations that hedge funds knew Iran would attack Saudi that weekend.... zzzz 1st there are few commod-specific hedge funds left, 2nd macro funds currently hate oil if anything, and don't have big positioning in either case (see CFTC data), 3rd any oil specialist that is long was/is long because our markets are very tight currently -- crude oil markets are strongly backwardated (implying urgency to acquire spot barrels) and refining margins are large globally. The Iran attacks were a (fleeting) side benefit and are very nearly lower than they were before the attacks now.
Reading this sort of garbage on oil markets always reminds me the Gell-Mann effect must be real and I should quit reading news in other domains, because it's probably as crap.
Regarding his accusations that hedge funds knew Iran would attack Saudi that weekend.... zzzz 1st there are few commod-specific hedge funds left, 2nd macro funds currently hate oil if anything, and don't have big positioning in either case (see CFTC data), 3rd any oil specialist that is long was/is long because our markets are very tight currently -- crude oil markets are strongly backwardated (implying urgency to acquire spot barrels) and refining margins are large globally. The Iran attacks were a (fleeting) side benefit and are very nearly lower than they were before the attacks now.
Reading this sort of garbage on oil markets always reminds me the Gell-Mann effect must be real and I should quit reading news in other domains, because it's probably as crap.