Where are those evil speculators?

In the context of the CFTC hearings this week discussing speculators, particularly in the crude contract, the CFTC today said the net speculative long position in crude totaled 34k, a 6 week high but is just 7k contracts above its average since March 2003 when the economy began its prior recovery. It got as high as 130k contracts in Aug ’07 when crude was $77, not far from where it’s now. When crude hit its all time high of $145, the net spec long position was just 26k contracts, close to the 6 1/2 year average.

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