NT – Hedge funds cut bullish gasoline bets to an eight-month low after retail prices approached the highest level since 2008, curbing demand before the summer driving season began with the Memorial Day weekend.
The funds and other large speculators reduced net-long positions, or wagers on rising prices, 9.8 percent in the seven days ended May 24, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. It was the lowest level since the seven days ended Sept. 28. The net positions dropped 24 percent since May 3.
