Positioning Watch – Oil longs are not as big as you think
Happy Saturday, and welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.
It’s safe to say that energy is all everyone is talking about with the oil rally still going strong, but the trade might have more to give as positioning is not as exhausted as some people might tell you. When you take into account the number of traders in the CFTC report, oil positioning is barely anything compared to history. More bullishness in oil to come? We think so!
Chart 1: More room on the upside for oil