Hedge funds are back for oil with money managers and hedge funds cumulatively purchasing 28 million barrels in the week to 21 July 2020.
- However, the focus of hedge funds has now shifted to refined products rather than crude oil.
- As per Reuters, Portfolio managers remained net buyers of refined products in 14 out of the last 17 weeks, increasing total position by 388 million barrels since the end of March 2020.
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