Column: Hedge funds race to cover crude short positions: Kemp | Reuters:
Hedge funds trimmed bearish positions in crude oil last week after Saudi Arabia threatened to punish short sellers and on signs that prices had found a floor after recent weakness.
Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 22.
Purchases occurred at the fastest rate since late April, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.
But buying was concentrated in crude rather than refined products, and involved buying back previous short positions rather than opening new long ones.
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