Hedge funds sell energy stocks, increase bearish bets - Goldman

By: Admin
2 weeks ago

NEW YORK/LONDON, Sept 18 (Reuters) - Hedge funds ditched energy stocks last week for the first time in three weeks, despite a rally in oil prices triggered by the prospect of a widening supply deficit, Goldman Sachs (GS.N) said in a report.

The move, according to the bank's prime brokerage unit, was mainly led by short sales, meaning that hedge funds were speculating on a decline in energy stocks' prices. The bank said sales occurred in both North America and Europe.