Hedge funds and other money managers sold the equivalent of 17 million barrels in the six most important petroleum-related futures and options contracts over the seven days ending on Jan. 10.
In the most recent week, there were sales of NYMEX and ICE WTI , Brent , European gas oil and U.S. diesel , only partly offset by purchases of U.S. gasoline .Portfolio managers are more bullish about the outlook for distillate fuel oils such as diesel and heating oil than crude, reflecting the very low inventories of mid-distillates.
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