Hedge Funds Bullish On Crude For The 3rd Time This Year

For the third time this year, hedge fund managers have become
bullish on crude oil prices, raising their long position by 705
million barrels in the week ending on August 8th, according to a
new report by Reuters. Total long positions outnumbered short
positions by 5.19:1, up from a June 27th low at a ratio of 1.95:1.
Most of the growth in long positions came from the ICE Brent
contract, which grew by 40 million barrels. The net change in
positions in the MYNEX and ICE WTI contracts was minimal,
comparably. Crude contracts for the final quarter…

For the third time this year, hedge fund managers have become
bullish on crude oil prices, raising their long position by 705
million barrels in the week ending on August 8th, according to a
new report by Reuters. Total long positions outnumbered short
positions by 5.19:1, up from a June 27th low at a ratio of 1.95:1.
Most of the growth in long positions came from the ICE Brent
contract, which grew by 40 million barrels. The net change in
positions in the MYNEX and ICE WTI contracts was minimal,
comparably. Crude contracts for the final quarter…