LONDON: Hedge funds resuming buying petroleum last week, with a focus on Brent, as confidence steadied following the wave of selling and sharp drop in prices a month ago.
Hedge funds and other money managers purchased the equivalent of 19 million barrels in the six most important petroleum futures and options contracts in the week to April 13.
In the four most recent weeks, purchases and sales have alternated, ensuring the net position (currently at 819 million barrels) has barely changed since March 23 (when it was 824 million barrels).
Over the period, there has been no change in the positioning on either crude (669 million versus 673 million) or refined fuels (150 million versus 151 million).
