OPEC Jawbones Spike In Crude As Hedgies Dump Longs At Fastest Pace On Record

The bounce off a $47 handle on Friday in WTI was fading fast again this morning...

following news that money managers cut their bullish Brent and WTI oil bets by 154,871 to a net-long position of 699,209 contracts - the biggest decline on record.

(Click on image to enlarge)

While the drop was large, net longs remain extreme suggesting the long squeeze has more to go...

Which of course OPEC had to try and jawbone away...

  • OPEC SUPPORT INCREASES FOR EXTENDING OIL SUPPLY CUT INTO H2, BUT NON-OPEC PARTICIPATION NEEDED – OPEC SOURCES - Reuters News

And sure enough...

(Click on image to enlarge)

We wonder how long this will last?

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