{"id":13973,"date":"2023-09-20T00:57:09","date_gmt":"2023-09-20T00:57:09","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/commodities\/hedge-funds-sell-energy-stocks-increase-bearish-bets-goldman\/"},"modified":"2023-09-20T00:57:10","modified_gmt":"2023-09-20T00:57:10","slug":"hedge-funds-sell-energy-stocks-increase-bearish-bets-goldman","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=13973","title":{"rendered":"Hedge funds sell energy stocks, increase bearish bets – Goldman"},"content":{"rendered":"
\n

By Carolina Mandl and Nell Mackenzie<\/p>\n

NEW YORK\/LONDON (Reuters) – Hedge funds ditched energy stocks last week for the first time in three weeks, despite a rally in oil prices triggered by the prospect of a widening supply deficit, Goldman Sachs said in a report.<\/p>\n

The move, according to the bank’s prime brokerage unit, was mainly led by short sales, meaning that hedge funds were speculating on a decline in energy stocks’ prices. The bank said sales occurred in both North America and Europe.<\/p>\n

Goldman Sachs, as one of the biggest providers of lending and trading services to investors through its prime brokerage unit, is able to track hedge funds’ investment trends.<\/p>\n

Overall, Goldman Sachs said hedge funds’ trading book was underweight energy stocks at levels approaching a May 2020 low. It added hedge funds increased their short bets on U.S. energy stocks, besides oil, gas, consumable fuels and energy equipment and services.<\/p>\n

Earlier this month, Saudi Arabia and Russia extended a combined 1.3 million barrels per day of supply cuts to the end of the year, spurring predictions that benchmark prices could surpass $100 a barrel this year.<\/p>\n

However, China’s sluggish post-pandemic economic recovery has also raised concerns that demand may slow down. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Carolina Mandl and Nell Mackenzie NEW YORK\/LONDON (Reuters) – Hedge funds ditched energy stocks last week for the first time in three weeks, despite a rally in oil prices triggered by the prospect of a widening supply deficit, Goldman Sachs said in a report. 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