End-of-Summer Blues Drop Bullish Oil Bets Into Eight-Month Low - Bloomberg

End-of-Summer Blues Drop Bullish Oil Bets Into Eight-Month Low - Bloomberg:

As temperatures cool, so does enthusiasm for oil. 


With the end of the summer-driving period taking away a key factor supporting demand, hedge fund bets on a crude price rally in New York and London have plunged to the lowest in eight months, data released Friday show. Meanwhile, U.S. gasoline consumption is at its lowest since March.

“We are heading into a seasonally weak demand period,” said Rob Haworth, who helps oversee $151 billion at U.S. Bank Wealth Management in Seattle. “The biggest driver is gasoline consumption.”