Petroleum futures and options saw another influx of hedge fund inflows last week as renewed bullishness about output restrictions overcame concerns about the already-high level of prices.
Hedge funds and other money managers purchased the equivalent of 10 million barrels in the six most important futures and options contracts in the week to Oct. 19 .
Most of the increase came from creation of new bullish long positions , which outnumbered the establishment of new bearish shorts , indicating funds still expect prices to rise further. The distribution is not surprising, since distillates are best placed to benefit most from strong demand from the manufacturing and freight transport sectors, as well as any fuel-switching this winter as a result of record high gas prices in Europe and Asia.
But traders expect producers will continue to restrict output, leaving it lagging growth in consumption, lowering oil inventories even further in the months ahead.
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