Net spec longs in crude reach record high

According to the just reported CFTC data for the week ended Tuesday, the net speculative long position in crude rose to an all time record high dating back to 1990. It’s up 25% on the week and has doubled over the past 5 weeks. With the regulatory scrutiny in DC there may have been some reclassifications between commercial and non commercial traders so the comparison to historical data may not be apples to apples but the direction and degree of the longs are still worth noting.

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