Reuters – Hedge funds have turned super-bearish about U.S. oil prices as concerns about running out of storage trump the drop in the number of rigs drilling new wells.
Money managers had amassed a record number of short positions in futures and options contracts linked to WTI (West Texas Intermediate) by the end of March 17, equivalent to 209 million barrels of oil, according to the U.S. Commodity Futures Trading Commission’s (CFTC) latest commitments of traders report published on Friday.
