(Reuters) – Persistent hedge fund liquidation over the last four months has weighed heavily on the oil market, both spot prices and calendar spreads, ending the previous rally and putting the cyclical upswing into a prolonged pause. Hedge funds resumed their liquidation of bullish long positions in petroleum last week, according to the most recent regulatory and exchange data. Hedge funds and other money managers cut their net long position in the six most important petroleum futures and options contracts by another 30 million barrels in the week to Aug. 7.
Frothy oil market turns increasingly flat:
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