Hedge funds continue to increase their bullish positions in oil, even as prices hit the highest level since the slump began in 2014, brushing aside concerns about overheated markets and the risk of a correction.
Hedge funds and other money managers raised their net long position in the six most important futures and options contracts linked to oil by 44 million barrels to a record of 1,484 million in the week to Jan. 23.
Portfolio managers have raised their net long position in Brent, NYMEX and ICE WTI, U.S. gasoline, U.S. heating oil and European gas oil by the equivalent of 1,174 million barrels since the end of June.
Hedge funds are more bullish on the outlook for petroleum than at any time on record, even though benchmark Brent prices have already nearly tripled over the last two years. Read More…
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