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Summer Driving Expectations Get Oil Investors Excited Again

  • Money managers’ WTI net-longs up first time in six weeks: CFTC
  • Gasoline net-longs jump 59% as U.S. fuel inventories tumble
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Libya Returns as Possible Risk to the Oil Markets

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Summer may be a few months away but oil investors are already getting their hopes up that American drivers will do their part to rebalance the market.

Hedge funds increased bets on higher West Texas Intermediate crude prices for the first time in six weeks, shrugging off rising U.S. supplies, as the coming driving season is expected to help ease the glut. Their wagers on more expensive gasoline jumped the most since last year, U.S. Commodity Futures Trading Commission data show.