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Monday, 7 August 2017

Hedge Funds Lend Oil a Hand in the Choppy Road to the $50s - Bloomberg

Hedge Funds Lend Oil a Hand in the Choppy Road to the $50s - Bloomberg:

"Oil seems to have hedge funds in its corner as futures stagger toward $50 a barrel.

Money managers haven’t been so optimistic about West Texas Intermediate crude since April, piling on bets that prices will rise while short-sellers step back. It helps that supplies in the U.S., the biggest oil consumer, have shrunk to the lowest this year. 

“We’ve seen 21 million barrels of U.S. inventory declines this quarter; that’s pretty substantial,” Rob Thummel, a managing director at Tortoise Capital Advisors LLC, said by telephone. “That has kind of sent some of the bears back into hibernation.”"



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