Crude-Oil Bulls Threatened as Shale Patch Revives Drilling Plans
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The rally in crude oil is reviving the U.S. shale boom, threatening speculators who are the most bullish on prices since July.
Money managers increased their net-long position in West Texas Intermediate crude by 3.9 percent in the seven days ended May 5, U.S. Commodity Futures Trading Commission data show. That’s a level last seen toward the start of last year’s price crash. Short positions declined to the lowest this year. Funds also boosted bullish wagers on Brent crude to the highest since at least 2011.