Bullish gasoline bets slump as cold blast chills demand

By Bloomberg News

Published January 20, 2014 5:00am ET

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Bullish gasoline bets slump as cold blast chills demand — Gasoline tumbled to a two-month low last week after a government report showed supplies climbed to 233.1 million barrels, the highest since Feb. 8. Demand fell to the least in a year, pushing pump prices to a three-week low. (Thinkstock) | Nat Girish

Hedge funds reduced bullish bets on gasoline by the most since June as stockpiles surged to an 11-month high before a cold blast that probably will curb demand in the U.S. Midwest and Northeast.

Money managers cut net-long positions, or wagers on rising prices by 22 percent in the week ended Jan. 14 to the lowest level since Nov. 19, U.S. Commodity Futures Trading Commission data show. Short positions more than doubled.

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