• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Russia, Ukraine and "2022: The Year Ahead"
  • 2 days Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 19 hours Why is oil priced and traded in U.S. dollars?
  • 15 hours Ukrainian Maidan after 8 years
  • 18 hours Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 2 days Сryptocurrency predictions
China Spends Billions To Alleviate Solar Industry Crunch

China Spends Billions To Alleviate Solar Industry Crunch

A global shortage of polysilicon…

U.S. Rig Count Jumps As Crude Rally Continues

U.S. Rig Count Jumps As Crude Rally Continues

The number of active drilling…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Hedge Funds Increase Bullish Bets On Oil

Money managers have accelerated buying in the most important petroleum futures and options contracts, betting that oil prices will increase later this year as economies reopen and travel and fuel demand rise.

In the week to May 4, hedge funds bought the equivalent of 40 million barrels in the most important contracts, led by increased bullish bets on WTI Crude and Brent Crude, according to data from exchanges compiled by Reuters columnist John Kemp.

This was the fourth week in a row in which portfolio managers have added long positions in oil futures.

In the week to April 27, hedge funds added the equivalent of 30 million barrels in the six most important petroleum futures and options contracts. At the time, this was the most bullish position in the oil complex in more than two and a half months, with the net long in crude oil futures jumping to the highest in six weeks.

In the past few weeks, signs of oil demand recovery trumped bearish news such as India’s records in daily coronavirus cases as market participants expect the reopening of major developed economies to lead to increased travel and fuel demand for the rest of the year.

Both Brent and WTI saw increased net long position—the difference between bullish and bearish bets—in the week to May 4. The increased net long “was predominantly driven by fresh longs entering the market,” ING strategists Warren Patterson and Wenyu Yao said on Monday.

Oil prices posted weekly gains in the past two weeks, for a first such back-to-back weekly gain in nearly two months.

Bullish demand outlooks thanks to the reopening in the United States and Europe and draws in U.S. crude oil inventories have mostly prevailed over the concerns about a slowdown in oil demand in the world’s third-largest oil importer, India.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News