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Elliott Investment Management has disclosed a €670 million net short position in TotalEnergies SE, representing 0.52% of the company's shares. This move is part of a strategy to hedge its long position in BP, which has recently announced a strategic reset focusing on oil and gas and reducing investments. The short position comes amid a backdrop of declining oil prices, with Brent crude settling at $70.36 per barrel and NYMEX WTI crude April futures closing at $67.04, up 1.02%. Analysts note that heavy short positioning could lead to further selling if prices drop below $70, although OPEC+ actions or a short squeeze could potentially reverse the trend.
A massive hedge fund short on TotalEnergies is making waves. Despite outperforming its peers and taking a cautious energy transition approach, the sharks are circling. https://t.co/LpW8VeFNnO #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities https://t.co/0sczcjKfSA
Hedge fund Elliott bets €670mn against TotalEnergies - FT Activist takes short position in French energy major as it pushes for change at rival BP
Hedge fund Elliott bets €670mn against TotalEnergies Activist takes short position in French energy major as it pushes for change at rival BP #oott https://t.co/bhBnCaWQ95