Hedge funds have started to temper their bullishness towards oil after crude futures prices have doubled since late April.
Pilot boat moves past Klaipedos Nafta oil containers in port of Klaipeda, Lithuania June 6, 2020. REUTERS/Ints Kalnins
Portfolio managers have bought petroleum derivatives in nine out of the last ten weeks, increasing their bullish position by a total of 324 million barrels since late March .Position changes were mostly insignificant with purchases of NYMEX and ICE WTI and European gasoil but sales of Brent and U.S. gasoline and no change in U.S. diesel.
Fund buying in WTI was some of the smallest since portfolio managers started to accumulate positions in U.S. crude in March. Funds were net sellers of Brent for only the second time in nine weeks.
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