The latest commitment of traders report on april 19 indicates that when prices dropped to around 51 dollars a barrel last week the number of commercial long positions increased to a record high level (possibly an all time high, but my data only go back 15 months).
To me that means that the the main support for these high oil prices is commercial interests who are anxious to hedge against the possibility of even higher prices. A rather bullish development I think.
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Commitment of traders update on oil prices
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Commitment of traders update on oil prices
by goldmund52 » Mon 25 Apr 2005, 01:01:07
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goldmund52 - Wood
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Re: Commitment of traders update
by MicroHydro » Mon 25 Apr 2005, 02:25:44
$this->bbcode_second_pass_quote('goldmund52', 'T')he latest commitment of traders report on april 19 indicates that when prices dropped to around 51 dollars a barrel last week the number of commercial long positions increased to a record high level (possibly an all time high, but my data only go back 15 months).
To me that means that the the main support for these high oil prices is commercial interests who are anxious to hedge against the possibility of even higher prices. A rather bullish development I think.
To me that means that the the main support for these high oil prices is commercial interests who are anxious to hedge against the possibility of even higher prices. A rather bullish development I think.
Excellent! This goes along with the story that Southwest Airlines was the only major US carrier to do well, and they did it by hedging fuel costs.
"The world is changed... I feel it in the water... I feel it in the earth... I smell it in the air... Much that once was, is lost..." - Galadriel
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