Hedge Funds go all-in on oil: Kemp/Reuters

The excellent John Kemp summarizes hedge funds’ positions in energy markets here:

”Hedge funds and other money managers had amassed a net bullish position in crude and refined products amounting to more than 1 billion barrels of oil as of Oct. 31.”

”The net long position in the five major contracts covering Brent, WTI, gasoline and heating oil has surged by almost 720 million barrels since the end of June and is now just 3 million below the record of 1,025 million set in February.

Bullish records or multi-year highs are being set all over the place:

Long positions in Brent are at a record 587 million barrels.

Net long position in Brent is at a record 530 million barrels.

Long positions in gasoline are at a record 107 million barrels.

Net long position in gasoline is the highest since April 2014.

Long positions in heating oil are at record 84 million barrels.

Net long position in heating oil is at a record 68 million barrels.”