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24

Hedge Funds Cut Bearish Oil Bets Before Rebound From 12-Year Low

By Tony Seruga

Bakken Turns Oasis Into Target as Fracking Costs Slide

Natural gas is burned off near an oil pump jack in North Dakota. Oil prices had slumped amid concern that turmoil in China’s markets would curb fuel demand at a time when fresh crude exports from Iran are poised to exacerbate a global glut.

Photographer: Matthew Staver/Bloomberg

Speculators lowered short positions in WTI by 8.4%: CFTC
Front-month WTI had biggest two-day gain in over seven years

Hedge funds reduced record bets on falling oil prices ahead of the biggest two-day rally since 2008.

West Texas Intermediate futures rebounded from a 12-year low, part of a broad rally in global markets fueled by speculation that central banks will expand stimulus measures. Pierre Andurand, the founder of $615 million Andurand Capital Management who correctly predicted the slump in prices, said oil will end the year higher…

Hedge Funds Cut Bearish Oil Bets Before Rebound From 12-Year Low

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