Hedge funds and other money managers purchased the equivalent of 70 million barrels in the six most important petroleum futures and options contracts in the last two weeks of December.
Last week’s buying was the fastest since August, and among the most rapid rates for more than a year.
Portfolio managers seem to expect the continued recovery in oil consumption, including jet fuel.
The next day will feature another set of sessions which will be kicked off by a plenary speech by Saudi Minister of Industry and Mineral Resources Banda bin Ibrahim Al-Khorayef.
In 2021, the company’s share price saw very minor fluctuations, exiting the year around 6 percent lower.
Jeddah-based SADAFCO operates sales and distribution depots in 24 locations across Saudi Arabia, Bahrain, Qatar, Jordan, and Kuwait.