Chart of the day: ratio of oil futures’ long to short positions

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This chart by John Kemp of Reuters tells you that speculation played a huge role in the run up in oil prices earlier this year, hugely amplifying the underlying fundamental trend. Hat tip to the FT’s Izabella Kaminska. She is right to say “this chart is WOW!”

Source: Reuters

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1 Comment
  1. volatilitysmirk says

    Long term price effects of speculation are however, naturally, zero.

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