Hedge funds boosted their bullish bets on crude oil at the fastest pace in over a month as US President Donald Trump’s threat of additional levies on Russia drove fears about tighter supplies. Money managers increased their combined net-long position on West Texas Intermediate and Brent by 39,779 lots to 299,295, in the week ending July 29, according to data from ICE Futures Europe and the US Commodity Futures Trading Commission compiled by Bloomberg. That was the biggest increase since mid-June, when the conflict between Israel and Iran escalated. Trump announced a shorter deadline for Russia to agree to a ceasefire in Ukraine and threatened again to impose additional penalties on Russia, reigniting worries about tighter supplies and sparking a rally that sent crude prices to their highest in over a month.
Bullish Oil Bets Rise by Most Since June
Hedge funds flocked to long positions amid rising Russian supply risk
Diesel markets continue to remain tight, making speculators even more bullish on the fuel. Speculators increased bullish wagers on gasoil to the highest in more than three years and stepped up net long positions in US diesel futures and options to the highest in almost four years.