finance
Hedge Funds Cut Brent Positions by 44 Million Barrels as Hormuz Traffic Rises
Money managers halved net length in ICE Brent futures and options during the week to June 9. The sales coincide with increased tanker movements through the Strait of Hormuz at night.
JK
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Hedge funds and other money managers sold the equivalent of 44 million barrels of futures and options in the ICE Brent contract over the seven days ending June 9, according to position records filed with the exchange. @JKempEnergy reported that investors halved their position in Brent during the same period.
The sales occurred as more vessels proceeded through the Strait of Hormuz under cover of darkness.
@JKempEnergy reported that the position cuts came amid anticipation of a pickup in exports through the waterway as talks between the United States and Iran intensify.
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