Hedge funds reduce their bets on the Texas oil boom

decrease Hedge money His bullish promises on West Texas Intermediate prices hit an eight-month low, amid fading expectations about Israel’s ability to strike oil infrastructure in Iran.

Money managers trimmed long positions on West Texas Intermediate by 12,309 contracts, bringing the total to 172,341 contracts, the lowest since February, according to CFTC futures and options data.

Long positions in Brent crude also decreased by 26,294 contracts to 229,936 contracts in the week ended October 15, according to figures from the European Intercontinental Exchange for Futures (ICE Futures Europe).

i saw Oil prices The biggest weekly decline in more than a year last week, after the Washington Post reported that Israeli Prime Minister Benjamin Netanyahu informed the administration of US President Joe Biden that he was prepared to strike military targets instead oil or nuclear facilities in Iran. This eased concerns about a possible supply disruption from an area that accounts for about a third of global oil production.

On the other hand, speculators increased their bullish bets on gasoline contracts on the New York Mercantile Exchange (Nymex) by 10,453 contracts, reaching 49,917 contracts, according to the CFTC’s weekly data on futures and options. This is the highest level in more than five months.