Portfolio investors have dumped petroleum futures and options, reversing the buying frenzy inspired by the production cuts announced by Saudi Arabia and its OPEC⁺ allies at the start of April.
Hedge funds and other money managers sold the equivalent of 145 million barrels in the six most important futures and options contracts over the seven days ending on May 2.
Bullish long positions outnumbered bearish shorts ones by a ratio of just 2.22:1 down from 5.00:1 as sentiment turned negative. In NYMEX WTI, a new wave of short selling appears to have started with gross short positions more than doubling to 47 million barrels on May 2 from 22 million on April 18. Funds held an overall net short position of 27 million barrels in middle distillates and the long-short ratio had fallen to just 0.69:1 .
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