Bloomberg – Hedge funds cut bullish bets on gasoline by the most in almost four years as petroleum stockpiles surpassed the highest level since 1990 and the U.S. vacation season drew to an end.
Hedge funds and other large speculators reduced wagers on rising prices by 74 percent the week ended Aug. 17, the most since October 2006, the Commodity Futures Trading Commission reported on Aug. 20. Gasoline has dropped 21 percent since reaching its 2010 high of $2.4351 a gallon on the New York Mercantile Exchange on May 3.
