From Bloomberg: Hedge funds and refiners vied to buy oil futures last month, pushing crude to the highest level since September, as the U.S. added jobs and expanded manufacturing while the government said fuel demand will rebound this year.
Oil climbed for an eighth week, the longest stretch of weekly
advances since 2004, on signs that economic growth is accelerating. Bullish
wagers held by refiners and producers advanced for a fifth week to the most
since at least June 2006. The Energy Information Administration said that
petroleum consumption will rise in 2013 for the first time in three years…
Money managers increased net-long positions, or wagers on
rising U.S. prices, to a nine-month high of 218,604 in the week ended Jan. 29,
according to the Commodity Futures Trading Commission’s Feb. 1 Commitments of
Traders report. It was their seventh week of increasing bullish positions, the
longest run of gains in records dating back to June 2006...
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