(Reuters) – Investors continued to reduce their overall bullish position in petroleum, but profit-taking concentrated on fuels while signs of stabilization emerged in crude. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 18 million barrels in the week to June 12.
For the third week running, portfolio managers cut net long positions in gasoline (-18 million barrels), U.S. heating oil (-8 million barrels) and European gasoil (-8 million barrels). But fund managers left their position in NYMEX and ICE WTI basically unchanged (-2 million barrels) and actually boosted their position in Brent (+18 million barrels).
