Hedge Funds Bet Against Gasoline Amid Tepid Driving Season
- Bearish gasoline bets hit their highest level in seven years
- Summer usually sees fuel demand rise as Americans hit the road
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Hedge funds increased their bearish bets against gasoline prices to the highest in seven years after this year’s summer driving season has delivered only tepid demand so far.
Money managers’ short-only positions in gasoline rose by 5,093 lots to 36,729 lots in the week ended July 2, according to the Commodity Futures Trading Commission. That’s the highest since July 2017.