COLUMN-Oil market stalls as absence of signals compounds summer slowdown: Kemp - Reuters

COLUMN-Oil market stalls as absence of signals compounds summer slowdown: Kemp - Reuters:

Hedge funds’ oil trading largely dried up last week as the normal summer holiday slowdown was compounded by an absence of price or fundamental signals about the future direction of the market. 


Hedge funds and other money managers purchased the equivalent of 13 million barrels in the six major petroleum futures and options contracts in the week to Aug. 4, after selling 40 million the week before. 


Portfolio managers have left their overall position little changed since the end of June, according to an analysis of records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

There has been a marginal shift from holding positions in crude to refined fuels such as diesel and gasoil but otherwise weekly changes have been insignificant and show no discernible trend.