CRUDE OIL (USOIL)
Updated
• Entry at completion of 2nd Elliot wave, crucial 50% Fibonacci retracement.
• Fundamentals signal caution with hedge funds short positions slowing down:
“Hedge funds cut their combined net long position in NYMEX+ICE WTI by -12 million bbl to 269 million bbl in the week to Mar 28. Long positions were cut by -11 million bbl while shorts increased by +1 million bbl. The ratio of long to short positions fell to 3.1:1 from 3.4 in the prior week and a recent high of 11.5 on Feb 21. Hedge funds added a further +6 million bbl of short positions in NYMEX WTI but the rate of new short sales slowed markedly from the two previous weeks.”
John Kemp, Reuters
• Fundamentals signal caution with hedge funds short positions slowing down:
“Hedge funds cut their combined net long position in NYMEX+ICE WTI by -12 million bbl to 269 million bbl in the week to Mar 28. Long positions were cut by -11 million bbl while shorts increased by +1 million bbl. The ratio of long to short positions fell to 3.1:1 from 3.4 in the prior week and a recent high of 11.5 on Feb 21. Hedge funds added a further +6 million bbl of short positions in NYMEX WTI but the rate of new short sales slowed markedly from the two previous weeks.”
John Kemp, Reuters
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