Reuters – Hedge funds’ enthusiasm for U.S. crude has cooled off, at least for now, as the relentless rise in domestic shale output and the prospect of extended refinery maintenance in the Midwest extinguishes any hope of a rebound in U.S. oil futures to narrow the gap with Brent.
Hedge funds and other money managers cut their net long position in WTI-related futures and options to just 154 million barrels on October 30 from 260 million on September 18, according to the U.S. Commodity Futures Trading Commission (CFTC).
