Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016.
REUTERS/Nick Oxford/File PhotoHedge 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 U.S. shale producers.
Money managers purchased the equivalent of 52 million barrels in the six most important petroleum futures and options contracts in the week to June 8, exchange and regulatory data shows.
The net position climbed to 919 million barrels, the highest since January 2020 before the pandemic took hold.
Related columns:- Oil output restraint draws hedge fund buying (Reuters, June 7) read more- U.S. shale restraint pushes oil prices to multi-year high (Reuters, June 4) read more- Empty supply chain will keep global economy booming (Reuters, June 3)- Oil funds trim positions as prices approach post-pandemic high (Reuters, June 1)Our Standards: The Thomson Reuters Trust Principles.
Nick Oxford, Brent, WTI
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