Hedge Funds Have Never Been This Pessimistic About the Oil Market

Hedge funds and other asset managers have never been more pessimistic about the outlook for petroleum prices, as signs multiply that the major industrial economies are losing momentum according to energy analyst John Kemp. Investors have also concluded Saudi Arabia and its OPEC+ allies have run out of options and either cannot or will not restrict their own production further to offset the slowdown in consumption growth and slide in prices. Hedge funds and other money managers sold the equivalent of 128 million barrels in the six most important…