A rally in prices across the energy complex, which has seen crude prices climb above $80 a barrel and petrol prices surge to multi-month highs, has prompted hedge funds to up their bullish wagers in the sector, according to a report by Bloomberg.
A rally in prices across the energy complex, which has seen crude prices climb above $80 a barrel and petrol prices surge to multi-month highs, has prompted hedge funds to up their bullish wagers wagers in the sector, according to a report by Bloomberg.
The report cites data from the Commodity Futures Trading Commission (CFTC) as revealing that speculators upped net long positions in the two benchmark crude futures to a three-month high, while long-only bets in US gasoline futures surged to about 89,278 lots in the week ending 25 July, the highest in nearly two years.
The new bullish stance is a pivot from months of relatively bearish positioning and comes as energy prices have rallied on signs of tight H2 supply and resilient demand despite rising interest rates.
