Column: Oil prices soar, bullish hedge funds hold their nerve | Reuters
Petroleum futures and options saw another influx of hedge fund inflows last week as renewed bullishness about output restrictions overcame concerns about the already-high level of prices.
Hedge funds and other money managers purchased the equivalent of 10 million barrels in the six most important futures and options contracts in the week to Oct. 19.
Funds have been net buyers in seven of the last eight weeks, adding a total of 188 million barrels to their positions since Aug. 24, according to records compiled by exchanges and regulators.
The most recent week saw buying in NYMEX and ICE WTI (+23 million barrels), U.S. gasoline (+8 million) and European gas oil (+9 million), but sales of Brent (-24 million) and U.S. heating oil (-7 million).
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