Hedge Funds Cut Bullish Bets on US Oil by Most in Over Two Years
- WTI net longs drop by most since July 2021, Brent also falls
- Bearish sentiment has grown as war premium has faded
US crude production is at record highs, and investors are once again focused on demand growth.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
Hedge funds slashed bullish wagers on US crude by the most since July 2021 as demand angst returned to markets and crude supplies remained unaffected by the Israel-Hamas war.
Net long positions on West Texas Intermediate fell by 60,795 lots to 153,474 in the week ended Oct. 31, weekly CFTC data on futures and options show. That was the least bullish stance in 16 weeks. The speculator group cut their bullish bets on ICE Brent by 16,413 net-long positions to the lowest in three weeks.