Fudge me this!
Not all hedge funds are equal.
The headline on a Bloomberg script today, “Hedge Funds Slash Oil Bets to Lowest Ever Amid OPEC Hike,” is enough to start tickling your better side a good move against all the current rear view mirror dolts.
“Hedge funds chopped their bullish position on US crude to the lowest on record as the OPEC+ alliance’s latest decision to boost production compounded already-gloomy forecasts that the world is heading toward an oil surplus this year pick them best ,ones with the best solid dividends and then fire off a few deep, well-controlled parasympathetic breaths. You’ll enjoy it.
“Money managers cut their net-long stance on West Texas Intermediate by 14,630 lots to 12,657 lots in the week ended Sept. 29, the lowest in data stretching back to June 2006, according to the Commodity Futures Trading Commission. Meanwhile, net-long bets on Brent crude decreased by the most since June, data from ICE Futures Europe show.
“Money managers have turned less bullish on crude for eight out of the past 10 weeks as the market careened toward a global oil glut that’s widely anticipated to unfold in the fourth quarter. The decision by the Organization of Petroleum Exporting Countries and its allies last weekend to boost output by 137,000 barrels a day in October, even as summer demand wanes, has further darkened the outlook. Money managers have turned less bullish on crude for eight out of the past 10 weeks as the market careened toward a global oil glut that’s widely anticipated to unfold in the fourth quarter. The decision by the Organization of Petroleum Exporting Countries and its allies last weekend to boost output by 137,000 barrels a day in October, even as summer demand wanes, has further darkened the outlook
“That gloom has been reinforced by two of the world’s most prominent energy forecasters. The US Energy Information Administration projected that inventories already will start building up in the current quarter, while the International Energy Agency this week projected a record oil supply surplus next year.” More