Hedge funds boosted their position in petroleum last week to pre-pandemic levels, encouraged by signs of a rapidly recovering global economy and continued output restraint among US shale producers.
Fund positions broke out of the previous range of 850-million barrels, about 50-million at the same time Brent prices broke out of their previous $65-$5 range and closed above $70 a barrel for the first time since 2018/2019. In NYMEX WTI, the number of bearish short positions has fallen to its lowest for more than two years as the renewed uptrend in prices forces short sellers to buy back their positions.
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