Hedge Funds Scramble To Buy Crude Oil Futures As Market Tightens

Earlier this year, oil began to fall out of favor with traders as the focus on energy attention increasingly shifted towards renewable power and the energy transition. But then last month, an energy crunch squeezed Europe. It then spread to China and India, and now there are warnings that it may make its way to the U.S.  And the price of oil has gone flying. Speculators Rush into Oil as Energy Crunch Worsens Reuters’ John Kemp reported in his latest weekly column on hedge fund oil buying that large oil speculators had purchased the equivalent…