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Hedge Fund Bulls Have Left Oil Market Looking Very Stretched

(Reuters) Hedge funds and other money managers have boosted their bullish position in oil to a new record, but with crude taking over from fuels as the main target of fresh buying. Hedge funds boosted their net long position in the six most important futures and options contracts linked to crude and fuels by 67 million barrels to a record 1,399 million barrels in the week to Jan. 9. Portfolio managers have increased their net long position in Brent, NYMEX and ICE WTI, U.S. gasoline, U.S. heating oil and European gasoil by a total of 1,089 million barrels since the end of June.

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