Column: Hedge funds sense crude at turning point but not fuels - Kemp - Reuters

Column: Hedge funds sense crude at turning point but not fuels - Kemp - Reuters:

Hedge funds were net purchasers of petroleum futures and options for the third week running last week as managers gambled that the market has already hit its trough.

Hedge funds and other money managers purchased the equivalent of 29 million barrels in the six most important petroleum futures and options contracts in the week ending April 14.

Purchases over the last three weeks have totalled 83 million barrels, after portfolio managers sold 688 million barrels over the previous 11 weeks (reut.rs/34NMSVE).

Last week’s adjustment came entirely from the creation of new long positions, after the previous week’s short-covering faded and short positions were unchanged.