(Reuters) Hedge funds and other money managers are betting diesel and heating oil will take over from gasoline as the main driver of U.S. refinery profitability in the second half of the year.
For the past 18 months, refiners have been rewarded for maximising output of gasoline and minimising production of diesel, but that could all be about to change.
By the middle of June, hedge funds had accumulated the largest net long position in heating oil futures and options since oil prices began to slump in July 2014.
