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.
Commonwealth Financial joins a number of firm that have recently cut jobs.
A slow drip of disclosures, an executive exit, and a stock that fell hard before the suit landed
New research finds unpaid caregivers are more likely to struggle with debt, lower savings and diminished retirement confidence than non-caregivers.
Large broker-dealers and registered investment advisors have, since 2020, been developing or sticking to strategies and tactics to combat the pain of intense, short-term market volatility
Centaurus Financial touts its independence as a key selling point at a time when many firms are being swallowed up.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
