"Long And Wrong": Hedge Funds Puke $6.6 Billion In Brent As The Midterms Gut Oil's War Premium

Just eight days ago, the oil market was bracing for war.

On Oct 30, January Brent tagged $118 as the market braced for a post-midterm Gulf escalation, with Trump hinting that a "brief Epic Fury" could resume once the votes were counted. One Democratic sweep, one "no immediate plans" and one Qatari phone call later, Brent closed the week just under $98 after its steepest weekly drop since the COVID crash of April 2020 - and, according to Reuters, its biggest in dollar terms on LSEG data going back to 1988.