Analysis-Oil hedge funds place their bets on heat-fueled hurricane season
Bullish gasoline positions have hit their highest since the day Russia invaded Ukraine and will almost certainly rise further if record Atlantic Ocean heat draws a hurricane into the Gulf of Mexico and disrupts refineries, investors and analysts said. Gasoline prices usually rise ahead of the U.S. summer driving season. This year's seasonal rally has been super-charged by a ten-week low in supplies caused in part by refinery outages in the US east and Gulf Coasts and strong exports to global markets from the United States, which typically imports from other countries to supplement its o...
Source: yahoo.com
