Hedge funds have cut their bullish position in crude oil and refined fuels to the lowest level for almost a year, as fund managers continued to close out former long positions. Hedge funds and other money managers cut their net long position in the six most important petroleum futures and options contracts by 69 million barrels in the week to Aug. 14. Net length has been cut in 12 out of the last 17 weeks with a total reduction of almost 460 million barrels since April 17. Portfolio managers now hold a net position of just 952 million barrels, down from a peak of 1.484 billion in January, and the lowest since September 2017. Fund managers are becoming less bullish on the […]