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OIL SHORT: Commercial hedging at multi-year highs
CFDs on Crude Oil (WTI)
Short
OIL SHORT: Commercial hedging at multi-year highs
By Exercise-Discipline
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Jan 29, 2017
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Jan 29, 2017
Commercial hedging short interest is at multi-year highs - back to where it was in summer 2014 when oil topped at around $100.
Hedgers are locking in current prices as they believe they are extremely attractive in the medium term.
Speculative positions are also at multi-year highs - making oil prices prone to a downside squeeze.
WTI may have set in a near-term top and, although we could see $60 tested in the next few months, oil will continue to be pressured to the downside.
A stronger dollar, questions about OPEC compliance and weak global growth are all fundamental forces which support this view.
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