Speculators turned the most bullish on gasoline futures in eight months, with low prices potentially offering a buying opportunity ahead of possible supply tightness next year.
Money managers’ net-long position on gasoline rose by 6,546 lots to 73,037 in the week ended Dec. 10, the most bullish since mid-April, according to Commodity Futures Trading Commission data. Front-month gasoline futures are trading at about $1.99 a gallon, down about 5% for the year.