Hedge funds have cut bullish wagers on crude oil to the lowest level on record, with investor concerns over a looming supply glut deepening after OPEC+ agreed to raise production, according to a report by Bloomberg citing data from the CFTC.
Money managers reduced net-long positions in West Texas Intermediate by 14,630 lots to just 12,657 in the week ending 29 September — the lowest since records began in 2006. Net-long bets on Brent also fell sharply, marking the biggest weekly decline since June, according to ICE Futures Europe.
Funds have pared back bullish crude positions in eight of the past ten weeks as expectations build that global oil markets will swing into surplus in the fourth quarter. OPEC+’s move to boost output by 137,000 barrels a day from October, just as summer demand fades, has reinforced the bearish outlook.
The US Energy Information Administration and International Energy Agency have both projected rising stockpiles, with the IEA forecasting a record surplus in 2026. US inventories already saw their biggest increase since mid-2023 last week, adding to signals of weakening demand.
