Hedge Funds Slash Bullish Oil Bets to Lowest in Eight Weeks [BNN Bloomberg (Canada)]
Intercontinental Exchange Inc. (ICE)
Last intercontinental exchange inc. earnings: 4/30 07:30 am
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Source: BNN Bloomberg
Money managers reduced their Brent long-only positions by 53,341 to 341,835 over the week ending May 7, the lowest in about eight weeks, according to the according to figures from ICE Futures Europe. Additionally, hedge funds decreased their bullish gasoline bets to the lowest in six months as demand for the motor fuel has remained lackluster. Prices fell below $80 on May 1 and have hovered around seven-week lows for much of the week. Crude's geopolitical risk premium has largely vanished after Hamas expressed openness to a potential cease-fire, and US stockpiles grew last week. Crude market technicals provided some support against the selloff with relative strength indexes showing that crude was oversold. Saudi Arabia also hiked oil prices and traders largely expect OPEC to continue with supply cuts. ©2024 Bloomberg L.P. Top Picks Top Stories Trans Mountain pushed to alter specifications to help oil value Kevin O'Leary shares financial advice on Morning Markets Doubt
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ICE
Earnings
- 5/2/24 - In-Line
ICE
Sec Filings
- 5/21/24 - Form 4
- 5/21/24 - Form 4
- 5/21/24 - Form 4
- ICE's page on the SEC website