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When one of the world’s largest oil hedge funds announced it had liquidated its entire long position, we suggested he would not be alone… and according to the latest CFTC data, he was not.
The last two weeks have seen hedge funds liquidate over 120,000 WTI crude futures contracts (120 million barrels worth or approximately $6 billion notional).
That drop is the largest ever recorded by CFTC and drops the managed money net speculative positioning to its least bullish since November’s OPEC production cut deal was agreed..
So the question is – how many more times will the levered speculative ‘smart money’ pile in balls-deep long on the slightest uptick in price?
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