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Money Managers Grow More Bullish on US Crude Oil

According to exchange data collated by John Kemp, Money Managers decreased their bullish bets on the six most essential petroleum commodities in the week to May 25. Still, they bought more WTI Crude futures amid good fundamentals for the U.S. benchmark.

Hedge funds and other portfolio managers sold the equivalent of 8 million barrels in the six most major petroleum futures in the most recent reporting week, marking the third week of a net long position reduction the difference between optimistic and bearish bets. However, in the most recent week, the speed of the decrease in the long was significantly slower than in previous weeks, and the WTI Crude contract attracted more optimistic bets.

Money Managers Grow More Bullish on US Crude OilAccording to Kemp’s data, hedge funds bought the equivalent of 10 million barrels of WTI and sold 12 million barrels of Brent Crude futures and options. Despite the recent fall in the net long position, the market remains positive on oil prices. Overall, with longs outnumbering shorts by a ratio of 4.86 to 1, according to Kemp’s estimates.

Money Managers increased their long positions in WTI Crude by 18,000 lots in the week ending May 25, while selling Brent, reducing the combined net long position in crude oil futures to 624,000 lots, the lowest net-long since January, according to Ole Hansen, Head of Commodity Strategy at Saxo Bank. He was commenting on the Commitment of Traders reports on Monday.

Money Managers increased their long positions in WTI Crude by 18,000 lots in the week ending May 25, while selling Brent, reducing the combined net long position in crude oil futures to 624,000 lots, the lowest net-long since January, according to Ole Hansen, Head of Commodity Strategy at Saxo Bank. He was commenting on the Commitment of Traders reports on Monday.

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