Hedge funds and other money managers continued to accumulate bullish positions in crude oil and its products last week but almost all buying remains concentrated in WTI, with little evidence of optimism in other futures contracts.
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
But last week’s purchases were again concentrated in NYMEX and ICE WTI , with little change in Brent , U.S. gasoline , U.S. heating oil and European gasoil . After the lopsided buying, funds hold eight bullish long contracts for every short one in WTI, compared with ratios of only 2:1 in Brent, 3:1 in gasoline, 0.7:1 in heating oil and 1.3:1 in gasoil.The reasons for this concentrated buying in WTI are not entirely clear, though there are several possibilities, which are not mutually exclusive.
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