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Hedge funds cut long positions in U.S. crude for third week: CFTC 

May 15, 2017

David Gaffen, Reuters

Hedge funds and money managers cut bullish bets on U.S. crude for the third straight week, as the oil market remained volatile over concerns about rising output and the effectiveness of OPEC supply cuts.

The speculator group cut its combined futures and options position in New York and London by 31,037 contracts to 194,021 during the week to May 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

That represented the smallest long position in crude futures since November.

U.S. oil futures on the NYMEX fell nearly 4 percent and averaged about $46.37 per barrel during the five trading sessions ended May 9, even though at one point oil fell below $44 a barrel.

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