Hedge funds and commodity futures traders built up long positions on WTI futures in the week to April 21, the day after prices for the front-month contract dropped to -$38.10 a barrel.
Data from the Commodity Futures Trading Commission (CFTC) shows participants labelled “money managers”, a category that covers commodity trading advisers (CTAs), commodity pool operators (CPOs) and hedge funds, were long 324,667 contracts on April 21, the most since January 7 and almost 10% up on the week prior.
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