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07

Hedge Funds Bail Just Before OPEC-Driven Oil Rally Evaporates

By Tony Seruga

Money managers least bullish on WTI crude in five months
Longs fell, shorts surged just before oil took near 5% tumble

Hedge funds jumped out of the oil market just in time.

Before West Texas Intermediate crude nosedived on Thursday, wiping out the rally driven by OPEC’s deal, money managers slashed bets on rising prices by 20 percent, according to U.S. Commodity Futures Trading Commission data. Now they may soon be well poised to start betting on the next rally.

“We are moving toward a positioning where these money managers are no longer over-invested,” Tim Evans, an analyst at Citi Futures Perspective in New York, said by telephone. “This opens up the potential for them to start buying again.”…

Hedge Funds Bail Just Before OPEC-Driven Oil Rally Evaporates

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