Oil Bulls Plunge Into Market as U.S. Gasoline Demand Hits Record
Bloomberg April 25, 2016 — 9:01 AM AEST
Hedge funds boost bullish wagers to highest since May: CFTC
Low prices stimulate March demand for U.S. gasoline: API
It doesn’t make sense to go short ahead of summer because of strong gasoline demand,” said Scott Roberts, co-head of high yield investments and manager of $2.7 billion at Invesco Advisers Inc. in Atlanta. “Refiners are coming back and with that crude demand.”
Speculators’ net-long position in benchmark U.S. crude jumped to the highest since May of last year in the week ended April 19, according to data from the Commodity Futures Trading Commission. Long positions rose to an 11-month high while shorts declined.
