Hedge Funds Snub Oil Ahead of Storm With Fewest Bets Since 2013 - Bloomberg:
So much for Middle East tensions and Tropical Storm Barry. Hedge funds haven’t been this indifferent to crude in six years.
Their combined bets on West Texas Intermediate crude rising or falling reached the lowest since March 2013 in the week ended July 9, according to U.S. Commodity Futures Trading Commission data released Friday.
Futures have stalled above $60 a barrel as a worsening outlook for demand limits the impact from developments like Barry and tension with Iran. The market would need a bigger threat to supplies to support a rally beyond that, said Phil Streible, senior market strategist at RJO Futures in Chicago.
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