Such limitations on supply would push prices to multi-year highs and keep them there for two years or more, several hedge funds said. The view is a reversal for hedge funds, which shorted the oil sector in the lead-up to global shutdowns, landing energy focused hedge funds gains of 26.8% in 2020, according to data from eVestment. By virtue of their fast-moving strategies, hedge funds are quick to spot new trends. “We are going to see some incredible oil prices over the next couple of years, incredibly hot,” said Tawil. Hedge funds added another 9,070 shares of US majors ConocoPhillips and 4,144 to Chevron Corp over the same time period.

Source: bd News24 February 08, 2021 01:07 UTC