Hedge Funds Soured on Oil as OPEC Agreed to Bumper Supply Hike

Hedge funds turned the least bullish on Brent crude in about six months as OPEC+ agreed to a second major production increase, inflaming concerns that the extra supply could lead to a global glut.
Money managers reduced their net-long position on Brent by 12,383 lots to 97,558 lots in the week ended May 6, the lowest since October, weekly ICE Futures Europe data on futures and options show. Short-only bets against West Texas Intermediate rose by the most since March, according to the Commodity Futures Trading Commission.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

17 minutes ago

• Yahoo

Airbus Stock Climbs, Embraer Rallies After Paris Air Show Wins

Dealmaking continued at the 55th Paris Air Show as the showcase of global aerospace technology and economics event headed into day three. Airbus already landed multiple contracts. Brazilian manufacturer Embraer secured a $3.6 billion deal on Wednesday.

Yahoo

an hour ago

• Yahoo

Piper Sandler Reaffirms Overweight Rating on Soleno (SLNO) Driven by Strong VYKAT XR Prospects

Soleno Therapeutics Inc. (NASDAQ:SLNO) is one of the 10 biotech stocks screaming a buy now. On June 17, Piper Sandler reiterated an 'Overweight' rating on the stock with a $145 price target. The bullish stance follows positive discussions with a European specialist on the company's VYKAT XR medication for Prader-Willi syndrome (PWS). A scientist in a laboratory examining a microscope in the pursuit of cell therapy discoveries. Piper Sandler consulted a UK-based pediatric endocrinologist to understand the drug better. The specialist indicated she would prescribe the drug as medication for Prader-Willi syndrome (PWS) to all eligible patients upon approval. Soleno Therapeutics' edge with the drug stems from the fact that other PWS treatments are in the early stages of development. Piper Sandler believes VYKAT XT represents significant potential as the first approved treatment specifically addressing PWS, a condition. The biotech company plans to file a Marketing Authorization Application for VYKAT XR in the second quarter. It's also pursuing regulatory approval in Europe as it plans to fill with the European Medicines agency. Following regulatory approvals, Soleno Therapeutics Palms will launch the drug in the first quarter of 2026. Soleno Therapeutics is a biopharmaceutical company that develops and commercializes novel treatments for rare diseases. Their lead product, diazoxide choline extended-release tablets (DCCR), is being developed for Prader-Willi syndrome (PWS), specifically to address hyperphagia (excessive hunger). While we acknowledge the potential of SLNO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Best Software Stocks to Buy Now and 11 Must-Buy AI Stocks Analysts Are Betting On. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Bloomberg

2 hours ago

• Bloomberg

Plunging UK Retail Sales Deepen Concern About Broader Slowdown

A dramatic drop in UK retail sales is raising fresh questions about the sustainability of Britain's recent growth spurt and Prime Minister Keir Starmer's plans to use it to restore controversial benefit cuts. The volume of goods sold online and in shops dropped 2.7% in May, the Office for National Statistics said on Friday. Not only was that the sharpest decline since December 2023, it was enough to wipe out the combined gains over the previous four months of the year. Economists had expected retail sales to fall only 0.5% last month.