{"id":241016,"date":"2024-07-08T22:45:12","date_gmt":"2024-07-08T22:45:12","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/08\/gas-prices-outlook-wall-street-bets-on-decline-in-peak-season\/"},"modified":"2025-06-25T17:15:11","modified_gmt":"2025-06-25T17:15:11","slug":"gas-prices-outlook-wall-street-bets-on-decline-in-peak-season","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/08\/gas-prices-outlook-wall-street-bets-on-decline-in-peak-season\/","title":{"rendered":"Gas prices outlook: Wall Street bets on decline in peak season"},"content":{"rendered":"

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Hedge funds increased their bearish bets against gasoline prices to the highest in seven years after this year\u2019s summer driving season has delivered only tepid demand so far.<\/p>\n

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Money managers\u2019 short-only positions in gasoline rose by 5,093 lots to 36,729 lots in the week ended July 2, according to the Commodity Futures Trading Commission. That\u2019s the highest since July 2017.<\/p>\n

Consumption of the fuel during the North American summer driving season has been lackluster. Gasoline inventories expanded by the most since January, according to the Energy Information Administration\u2019s June 26 report. Fuel demand on a four-week basis fell for the first time in two months over the period.\u00a0<\/p>\n

Data for the July 4 holiday have yet to be released. The American Automobile Association\u00a0predicted<\/a>\u00a0that about 71 million Americans would travel over Independence Day.\u00a0<\/p>\n

Despite the sluggish forecast for fuel, crude rallied over the week ending July 2, hitting\u00a0two-month highs<\/a>\u00a0on risks from Hurricane Beryl and rising tensions in the Middle East and Europe. Money managers increased their net bullish position on West Texas Intermediate by 13,265 lots to 249,081, the biggest since October.<\/p>\n<\/div>\n

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