“All hope abandon, ye who enter here,” is the warning inscribed above the gate of Hell, according to the Italian poet Dante Aligheri (“The Divine Comedy”, Inferno, Canto III, 1308-1320).

Hedge funds and other money managers appear to have entered their own special version of hell and abandoned all hope that OPEC will rebalance the oil market, slashing formerly bullish bets on crude futures and options.

Hedge fund managers cut their net long position in the three main futures and options contracts linked to Brent and WTI by 109 million barrels in the week to June 20 (tmsnrt.rs/2sI1qoh).

Funds have cut their net long position by a total of 161 million barrels over the last three weeks, taking it down to just 389 million barrels, the lowest since Aug. 9, 2016 (tmsnrt.rs/2sIaTMH).

Fund managers now hold just two long positions for every one short position, which ranks among the most bearish positions since oil prices started to tumble in the middle of 2014

“All hope abandon, ye who enter here,” is the warning inscribed above the gate of Hell, according to the Italian poet Dante Aligheri (“The Divine Comedy”, Inferno, Canto III, 1308-1320).

Hedge funds and other money managers appear to have entered their own special version of hell and abandoned all hope that OPEC will rebalance the oil market, slashing formerly bullish bets on crude futures and options.

Hedge fund managers cut their net long position in the three main futures and options contracts linked to Brent and WTI by 109 million barrels in the week to June 20 (tmsnrt.rs/2sI1qoh).

Funds have cut their net long position by a total of 161 million barrels over the last three weeks, taking it down to just 389 million barrels, the lowest since Aug. 9, 2016 (tmsnrt.rs/2sIaTMH).

Fund managers now hold just two long positions for every one short position, which ranks among the most bearish positions since oil prices started to tumble in the middle of 2014

Source: www.reuters.com