Monday, August 23, 2010

Hedge Funds Cut Bullish Gasoline Bets by Most Since 2006: Energy Markets

Bloomberg reports Hedge Funds Cut Bullish Gasoline Bets by Most Since 2006: Energy Markets
.....
Net-long positions held by money managers in gasoline futures and options combined decreased by 28,940, or 74 percent, to 10,219 in the week ended Aug. 17, according to the CFTC weekly Commitments of Traders report. They have declined 80 percent this year......Hedge funds and other large speculators cut net-long positions in heating oil by 87 percent in the week ended Aug. 17, the most since February 2009. The price of the fuel fell 2.97 cents, or 1.5 percent, to settle at $1.971 a gallon on the Nymex on Aug. 20. It has declined 7 percent this year.
Net-long positions held by money managers in futures and options combined decreased by 27,427 to 3,940, the lowest level since February, the CFTC data showed. Net long positions have tumbled 86 percent this year.

Ouch...too bad they didn't read Rbob Update on July 26 or Rbob Outlook on Aug 11.
 So they kicked out longs between the 13th and 19th....



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