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(Bloomberg) — Hedge funds cut their bullish position on US crude to the lowest since early April as President Donald Trump’s Aug. 1 deadline for trade deals stoked concerns the trade war will sap energy demand.
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Money managers decreased their net long position on West Texas Intermediate by 10,018 lots to 86,088 lots in the week ending July 22, weekly Commodity Futures Trading Commission data on futures and options show. That’s the lowest since April 8.
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Stalled trade talks between the US and key trading partners continued to fuel investors’ worries that the trade war will weaken the economy and reduce oil demand. Inventories of crude at the key storage hub in Cushing, Oklahoma, increased for the third week in a row as peak summer driving demand starts to fade.
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Meanwhile, speculators reduced their bullish Brent crude position by 11,352 lots to 227,393 lots in the same period, ICE Futures Europe data on futures and options show.
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Money managers also trimmed their bullish US diesel stance by 1,659 lots to 38,945 lots, driven mostly by an increase in short positions, according to CFTC data. Long-only positions rose 109 lots to 54,053 lots, the highest since late February, reflecting a tight market for the fuel globally.
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Hedge funds increased long-only positions on gasoil by 7,632 lots to 132,133 in the week ending July 22, ICE data show. The long-only total was the highest in more than three years.
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