Crude oil prices continued to climb as Saudi Arabia’s decision to extend its unilateral production cuts and signs of decelerating inflation and a soft landing in the United States improved sentiment among investors.
Hedge funds and other money managers purchased the equivalent of 51 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Aug. 1.
Bullish long positions outnumbered bearish short ones by a ratio of 4.31:1 up from 1.95:1 five weeks earlier. Traders anticipate the extra cuts, coupled with signs interest rates are peaking, will limit any build of inventories in the final four months of the year and result in stocks depleting instead.
The result has been persistent position-building in fuel contracts, as portfolio managers anticipate any acceleration of growth in the United States and other major economies will quickly translate into tight fuel supplies. Hedge funds and other money managers sold the equivalent of 307 billion cubic feet of gas over the seven days ending on Aug. 1.
Working inventories in underground storage were still +222 billion cubic feet above the prior ten-year seasonal average on July 28.
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