Monday, May 16, 2011

Monday Morning O.I.

The ever exciting Open Interest story continues;

Speculator net long crude oil positions are DOWN...13%.
And to get some perspective on that;
From Bloomberg

click to enlarge
It does seem there is correlation to the late spring seasonal high for crude (and subsequent sell off) as well.  In 2010 there was roughly a 62% decline in the net long position.

Rbob has seen about the same decline in net longs 1.1%.  Heating Oil declined significantly more at 19% to net long 32,565. Last summer it went to net SHORT 8,000.

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