Oil Stuck in Loop Leaves Bored Hedge Funds Awaiting Clarity - Bloomberg:
"Oil hasn’t been so tedious in a long time, and hedge funds just don’t know what to do with it.
Their weekly stance on West Texas Intermediate crude prices barely changed as futures are on track to trade in the tightest monthly range since July 2002. It’s been tough to reconcile the mixed signals from a steady decline in U.S. stockpiles with rising production from shale fields and elsewhere in the world.
Funds “are waiting to see if something is going to happen, if something will break where you’ll get some real movement,” Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, said by telephone. “The other problem is, the fundamentals are kind of mixed, too. You’re just not getting a real clear picture.”"
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