Big Players Lock In Cheap Oil Before the Tide Turns

Big industrial consumers of fuel jumped to hedge on the derivatives market against future spikes in fuel prices by buying long contracts on Brent as the price of the international benchmark slumped below $70 per barrel last week.   Swap dealers’ long positions on Brent Crude soared by the third-largest jump on record last week as over-the-counter trades to profit from higher prices accelerated.   Industrial consumers such as airlines and shipping companies typically hedge their exposure to the oil and fuels market. In…