Investors have built a billion-barrel bet on higher oil prices. But they are a different breed of bull than years past.
The “net long” position held by fund managers in crude oil futures is a powerful reflection of speculative sentiment. This year, the position has swelled to records of 1bn barrels equivalent across the main oil contracts, helping sustain prices above $60 a barrel.
Who trades oil is changing, however. Investors who bother little with details such as inventories and pipeline flows are replacing dwindling ranks of specialist commodities hedge funds. The shift could alter the way prices are formed.
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