(Reuters) – Hedge fund managers have slashed bullish long positions in petroleum at the fastest rate in more than a year, as the gentle profit-taking in previous weeks turned into a rush for the exit. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum prices by 178 million barrels in the week to July 17.
Net long positions were reduced by the third-largest number of barrels on record, according to an analysis of data published by regulators and exchanges going back to the first quarter of 2013.