Hedge Funds Cut Crude Net Longs by Nearly 78,500 Contracts, Most Since June, Before Election-Day Oil Drop

According to Jin10, money managers cut net long positions in U.S. crude and Brent by nearly 78,500 contracts before the election, the largest reduction since June, ahead of the subsequent oil-price drop. Whether ceasefire expectations translate into a recovery in supply and lower fuel prices still needs to be confirmed by physical flows.