Hedge fund position-taking in crude and products remains desultory as uncertainty about the future direction of prices and the course of the coronavirus pandemic compounds the normal summer-time trading slowdown.
FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo
Purchases reversed sales of 21 million barrels the previous week, extending a slight rise in petroleum positions evident over the last month, after a much stronger upward trend over the previous two months. The European focus may reflect concerns about the resurgence of coronavirus and its potential impact on oil consumption in the United States.Overall, the hedge fund community is running a neutral position in petroleum, but slightly weighted towards crude rather than fuels .
Long and short positions across the six contracts are also split in a ratio close to the mean for the last seven years.
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