Column: Oil market falls into holiday torpor

The short-covering rally in petroleum prices lost momentum last week due to prices and positions reaching long-term averages, as well as the seasonal slowdown in trading and investment activity. Hedge funds and money managers made no net change in their combined position in oil-related futures and options contracts, with bullish sentiment higher for refined fuels than for crude petroleum. Meanwhile, positions in U.S. natural gas remained unchanged as fund managers reduced both long and short positions as a risk-reducing measure following recent price and position increases.

reuters.com

Relevant topic timeline:

8/22/2023

COLUMN-Oil market falls into holiday torpor: Kemp

The short-covering rally in petroleum prices stalled as prices and positions reached long-term averages and the summer holiday season caused a slowdown in position-taking by hedge funds and other money managers.

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