Hedge Funds Signal Trust in OPEC - Bloomberg

Hedge Funds Signal Trust in OPEC - Bloomberg:

"Hedge funds are giving Saudi Arabia and Russia a big vote of confidence. As the two oil powerhouses pushed for the extension of supply curbs ahead of Thursday’s OPEC meeting, money managers shifted their stance on West Texas Intermediate crude to the most bullish since February. That’s largely due to a strong decline in short-selling. Bets on rising Brent crude also increased as short positions slumped. “There was definitely a consensus that we were going to see a six- to nine-month extension, so to be short in front of that obviously would not be a good positioning for hedge funds,” said Nick Holmes, an analyst at Tortoise Capital Advisors LLC, which manages $16 billion in energy-related assets. “There was definitely some bullishness that we were going to see a pretty good result out of OPEC, which we did.”"



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