Hedge Funds Turn Bearish on Oil Again After OPEC-Driven Pause
- Gross short positions in US crude jump to 3-month high
- Saudi has warned speculators betting against oil to watch out
A worker moves drilling pipes at a gas drilling rig.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Money managers have turned bearish on oil again, with short positions in US crude futures and options jumping to the highest in three months.
Although Saudi Arabia Energy Minister Prince Abdulaziz bin Salman’s warning that short-sellers better “watch out” seemed to work initially, speculators have now slashed bullish bets in Brent to the lowest in three weeks. At the same time, bets on falling West Texas Intermediate prices are at the highest in 12 weeks, according to data from ICE and CFTC for the week ended Tuesday.