finance
Hedge Funds Reduce Crude Oil Net Positions to 179 Million Barrels
Money managers trimmed their combined net position across three main crude oil futures and options contracts to 179 million barrels on June 23. The cut follows a memorandum of understanding between Iran and the United States to reopen the Strait of Hormuz. The position sits at the third percentile for all weeks since 2011.
JK
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Hedge funds and other money managers cut their net position across the three main crude oil futures and options contracts to 179 million barrels on June 23, @JKempEnergy reported. The combined net position stood at the third percentile for all weeks since 2011. It has been reduced in ten of the most recent fourteen weeks, for a total decline of 375 million barrels since March 17.
Investors have become extremely bearish about the outlook for crude oil prices following the memorandum of understanding between Iran and the United States to re-open the Strait of Hormuz, the report stated.
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