Anna Hirtenstein, Wall Street Journal, writes about the decline in oil open interest, here…
”In another sign of fading investor appetite, open interest, or the number of outstanding contracts, in Nymex-traded oil futures declined to the lowest level since December 2014 last week, according to data from CME Group.
Similarly, bets on rising oil prices made by investors that use borrowed money, such as hedge funds, have fallen away. Net long positions held by leveraged funds in both Brent crude oil and in West Texas Intermediate, the U.S. oil benchmark, have shrunk to their lowest level since January 2016, according to research by Nordic bank SEB.”
Leave a Reply