CFTC: Money managers least bullish on WTI crude in five months – BBG

According to the US Commodity Futures Trading Commission (CFTC) data, as cited by Bloomberg, hedge funds decreased their net-long position to 203,104 futures and options in the week ended May 2. Longs fell about 7%, while shorts surged 37%, following a 26% jump a week earlier.

Bloomberg adds, “Before West Texas Intermediate crude nosedived on Thursday, wiping out the rally driven by OPEC’s deal, money managers slashed bets on rising prices by 20 percent, according to U.S. Commodity Futures Trading Commission data. Now they may soon be well poised to start betting on the next rally.”