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Re: Crusen post# 6295

Tuesday, 02/21/2017 10:30:49 AM

Tuesday, February 21, 2017 10:30:49 AM

Post# of 18931
I think this quote sums it up nicely. Also, while oil trades up on OPEC compliance, it's only a matter of time until the realization is reached that OPEC production losses will be more than offset by Western production gains.


The cuts have spurred a speculative move into crude oil that has pushed prices towards the top of their recent ranges.
Money managers now hold the highest volume of net long Brent futures and options on record, InterContinental Exchange data showed on Monday, betting on higher prices to come as OPEC and other key exporters reduce production.
Net long U.S. crude futures and options positions are also at a record high, U.S. data showed on Friday.
"This prolonged and increasing overcrowding of speculative net longs should be a cause for concern," said Jonathan Chan, an investment analyst at Phillip Futures.
"Should there come a time when these speculative positions decide to unwind, oil prices will be in for a significant correction."



http://finance.yahoo.com/news/crude-prices-rise-investors-bet-030327795.html?hl=1&noRedirect=1
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