Oil Speculators Back Up The Truck [zero hedge]
ALTABA INC (AABA)
US:NASDAQ Investor Relations:
altaba.com/investor-relations
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Source: zero hedge
Via Dana Lyons' Tumblr,Speculators have established their largest ever net long position in crude oil futures; are they about to get drilled? While all of the attention is on the feats of levitation being displayed by the stock market, lots of other things are rallying as well.That includes crude oil, which is up about 7% to start the year, and roughly 50% in the past 7 months. And while the rally still leaves the price of oil nearly 50% below its highs of just 4 years ago, by some measures, the excitement surrounding the commodity surpasses even that of stocks.At least one might make that argument based on trader positioning in the crude oil futures market. There, we see via the CFTC’s Commitment Of Traders (COT) report that Non-Commercial Speculators currently hold a net-long total of over 650,000 contracts, far and away the largest net-long position on record. As a refresher, Speculators are by and large commodity pools and hedge funds that exist mainly to trade the market long and
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