Hedge funds have reduced their position in petroleum futures and options for the first time in 16 weeks, the first weekly net sales since the first successful coronavirus vaccine trials were announced in early November. Hedge funds and other money managers sold the equivalent of 9 million barrels in the six most important petroleum futures and options contracts in the week to Feb. 23. The sale comes after portfolio managers purchased a total of 548 million barrels over the previous 15 weeks, according to records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission. After three months in ... (full story)