Hedge funds remained unconvinced about the bullish oil narrative which in recent weeks drove the price to a four-year high. In the week to October 9 they sold both Brent and WTI for a second week as supply worries eased and demand concerns began receiving some attention. The WTI net-long reached a one-year low and it has now been sold in 11 out of the past 13 weeks. In gold the net-short rose by 41% to a fresh record of 103k lots just days before the yellow metal jumped by the most since 2016. The fact that so many fresh shorts were caught offside by emerging safe-haven demand and softer yields helps to explain the ... (full story)