Report that "U.S. Oil Market Braces for a $4.6 Billion Wave of Selling"

Bloomberg with the report that the world’s two biggest commodities indexes -- the S&P GSCI Index and the Bloomberg Commodities Index -- are due to 'reset', which will trigger selling of futures contracts.

Eamonn Sheridan

Wednesday, 05/01/2022 | 04:33 GMT

Here is the link to the piece from Bloomberg, main point being:

S&P GSCI Index and the Bloomberg Commodities Index reset

For WTI, that means investments tracking both benchmarks could be ready to pull almost 60 million barrels worth of futures contracts from the market, according to Societe Generale estimates.
The dollar value of those flows is significant -- the French bank estimated in November it would be the equivalent of about $4.6 billion. Citigroup Inc. expects about $3.1 billion of selling, according to a December report.

Something to keep top of mind is that these flows are widely known and it would be bizarre if some, if not all, has been hedged into prices already. the Citi note, for example, was published in December.

Still, a heads up.