Hedge Funds Increase Bullish Bets on Oil to Six-Month High

"Hedge funds raised bullish bets on oil to the highest level in more than six months as supplies of gasoline fell, French refinery strikes ended and plants in the U.S. and Europe returned to service.
The funds and other large speculators increased wagers on rising crude prices by 9.3 percent in the seven days ended Oct. 26, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. It was the highest level since April 16.

Net-long positions in oil held by what the CFTC categorizes as managed money, including hedge funds, commodity pools and commodity-trading advisers, rose by 15,183 futures and options combined to 178,824, according to the CFTC report.
Bullish, or long, bets on gasoline prices declined 10 percent to 51,732, the first drop in eight weeks, the data showed. Net-long bets on heating oil fell for a third week, retreating by 1,609, or 4.1 percent, to 37,284.
Net-long positions in futures and options combined in four natural-gas contracts decreased by 2,133 futures equivalents to 21,381 in the week ended Oct. 26, the CFTC data showed."

There has been a lot of accumulation over the last month by specs, all over $80.


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