Investors purchased small volumes of petroleum last week, after exceptionally heavy sales the week before, squaring up short positions after an unusually sudden and steep pull back in prices on recession fears.
Hedge funds and other money managers purchased the equivalent of 8 million barrels in the six most important petroleum futures and options contracts in the week to July 12 .
The disproportionately large reduction in short positions implies some profit-taking after prices dropped almost $25 per barrel over the previous four weeks in response to heightened fears about a recession dampening oil demand. The most recent week saw purchases of NYMEX and ICE WTI but sales of Brent and European gas oil and only minor changes in U.S. gasoline and diesel .
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