Goldman Saw "Record Physical Buying" In WTI As War Started

Commitment of Traders encapsulating the outset of the Iran War exhibited record physical buying, according to top Goldman Sachs futures trader, Robert Quinn.

Specifically, the Producer / Merchant / Processor / User category purchased +$3.7bn during February 24th - March 3rd, marking the largest 1 week notional amount for at least the past 10 years.

New longs (+$1.8bn) and short covering (+$1.9b) contributed.