This is one of the largest short positions in the history of the United Kingdom.

Premier Oil is the target of a massive short position. Asia Research & Capital Management (ARCM) has reportedly built a massive bet against the energy company.

According to reports, the firm has built a 17% short position worth 132 million pounds. The Hong Kong hedge fund should have disclosed its position in February 2017 with the Financial Conduct Authority. However, new documents show that it didn’t do so until last Friday.

Premier Oil Facing Debt Crunch

ARCM is reportedly hedging through this position against a large amount of Premier Oil debt that it owns. The firm owns about $380 million of Premier’s net debt of $2.55 billion. Those payments are due May 2021. With oil prices falling around the globe, the company will aim to protect itself against any further erosion in crude prices.

Meanwhile, demand across Asia has been stagnant. Meanwhile, rising U.S. production continues to threaten production areas like the Northern Sea and the Middle East. Just last week, OPEC – the world’s largest oil cartel – agreed to cut production further to provide a floor for oil prices. However, with global economic growth falling, many analysts question if OPEC is doing enough to offset rising U.S. production and falling demand from key customers.

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