Speculators Increased Their Long Positions

Saturday, October 10, 2009

Hedge-fund managers and other large speculators increased their net-long position in NYMEX OIL futures last week, according to U.S. Commodity Futures Trading Commission.

Speculative long positions outnumbered short positions by 51,652 contracts on the NYMEX, the Commitments of Traders report showed. Net-long positions rose by 5518 contracts, or 12%, from last week.

Today all risky assets are being sold again, and within this context we may hit new lows on the NYMEX Oil Futures in the next few days.

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