Money managers have amassed close to record long positions in the six-major oil-linked futures and option contracts, and the ratio of longs to shorts is even higher than when it was when hedge fund managers held a record net long position in oil back in January, suggesting that they have never been so convinced that oil prices will increase in the short term. In the six most important petroleum contracts, money managers held long to short positions in a ratio of nearly 14:1 for the week ended on April 20, compared to a 12:1 ratio at January 23, when portfolio managers held the record net long position in oil — 1.484 billion barrels, Reuters market analyst John Kemp writes. For the week to April 20, money managers held a net long position of 1.411 billion barrels of Brent, NYMEX and ICE WTI, U.S. gasoline, U.S. heating oil, and European […]