RPT-COLUMN-Hedge funds looking for the low in the oil market: Kemp - Reuters:
Hedge funds showed signs of trying to pick the bottom in the oil market last week, with small-scale purchases emerging after the wave of heavy selling at the end of September and early October.
Hedge funds and other money managers were net buyers of 22 million barrels of petroleum futures and options in the week to Oct. 22, after selling 206 million barrels in the three weeks between Sept. 17 and Oct. 8.
Portfolio managers bought Brent (+5 million barrels), U.S. gasoline (+4 million), U.S. heating oil (+9 million) and European gasoil (+3 million) while the net position in WTI was unchanged.
The hedge fund community is still running a bearish position overall, with dynamic positioning, excluding passive longs, equivalent to 31 million barrels net short, but that was up from 53 million the week before.
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