Historically for the first time! Hedge funds are bearish on Brent crude oil.

Historically, for the first time, hedge funds turned net bearish on Brent crude oil, citing extreme concerns over excessive oil supply. As of the week ending September 10th, fund managers' short positions outnumbered long positions by 12,680 contracts, marking the first occurrence of such a scenario since January 2011 in ICE Futures Europe data. Fund managers also increased their bearish positions in diesel to a record net short position of 64,461 contracts. On the same day, the U.S. Commodity Futures Trading Commission (CFTC) also released bearish sentiment data, with bullish sentiment for Brent and WTI crude oil hitting historic lows. Specifically, according to the CFTC's data for the week ending September 10th: Net long positions for Brent and WTI crude oil decreased by 86,957 contracts to 52,285 contracts, reaching a new low since March 2011; absolute long positions fell to 352,107 contracts, hitting the lowest level in over twelve years, while absolute short positions dropped to 299,822 contracts, reaching a new low in over seven years. Net long positions for NYMEX WTI crude oil decreased by 19,844 contracts to 105,024 contracts, hitting a new low in nearly seven months. Net long positions for NYMEX gasoline dropped to 5,193 contracts, hitting a new low in over seven years. Net short positions for NYMEX heating oil increased to 38,609 contracts, reaching the highest level in nearly nine years. With non-OPEC countries increasing oil production and major global economies showing weak oil consumption trends, the market is growing increasingly concerned about the supply-demand balance for oil next year. Earlier this week, a significant sell-off in crude oil options trading and algorithmic-driven trading pushed oil prices to the lowest level in over two years. As bearish bets surged and trading became crowded, some short positions were covered later in the week, resulting in a slight rebound in oil prices. After the Gulf of Mexico storm passed on Friday, the oil market lost momentum for further rebound, with oil prices edging lower. WTI October crude oil futures closed down $0.32, or 0.46%, at $68.65 per barrel, with a weekly increase of 1.45%. Brent November crude oil futures fell $0.36, or 0.50%, to $71.61 per barrel, with a weekly increase of 0.77%. This article is translated from "Wall Street News" by author He Hao; edited by He Yucheng.