Hedge funds increased their bearish bets against gasoline prices to the highest in seven years after this year’s summer driving season has delivered only tepid demand so far.
Money managers’ short-only positions in gasoline rose by 5,093 lots to 36,729 lots in the week ended July 2, according to the Commodity Futures Trading Commission. That’s the highest since July 2017.
Consumption of the fuel during the North American summer driving season has been lackluster. Gasoline inventories expanded by the most since January, according to the Energy Information Administration’s June 26 report. Fuel demand on a four-week basis fell for the first time in two months over the period.
Data for the July 4 holiday have yet to be released. The American Automobile Association predicted that about 71 million Americans would travel over Independence Day.
Despite the sluggish forecast for fuel, crude rallied over the week ending July 2, hitting two-month highs on risks from Hurricane Beryl and rising tensions in the Middle East and Europe. Money managers increased their net bullish position on West Texas Intermediate by 13,265 lots to 249,081, the biggest since October.
Locked out of their offices and told to stay home, employees at the Consumer Financial Protection Bureau have asked the courts to intervene as Elon Musk and Republican leaders move to shut down the agency that was established to protect people from predatory lending and financial scams.
Fintech platform interVal has also introduced a new feature to help advisors support entrepreneurial business owner clients better.
Along with greater revenue, alternative investments also carry risks, one industry lawyer noted.
President Jeff Dobyns unpacks the strategic power of mentorship, what makes an "ideal team player," and how the firm's 89 percent success rate has paid off for veteran advisors.
The Fed chair is in for some "hyper-charged" meetings, with legislators likely to raise questions on tariff threats and apparent steps to comply with anti-DEI orders.
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