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COT report - looking good
Commercial (hedgers) net shorts positions
7/08/07 net short 117500
14/08/07 net short 85700
21/08/07 net short 42600
28/08/07 net short 25000
4/09/07 net short 34500
11/09/07 net short 36000
18/09/07 net short 44500
open interest - 1,488,000
Commercials decreased shorts by 26000 and decreased longs by 35000 to give a net increase in shorts of approx 9000 from last week
Considering the strength in the oil price this increase in net shorts is insignificant, IMO. I am looking for a net short position of 90,000+ before this run is at/near it's peak price - looks as though we have some way to go yet
He who lives by the crystal ball soon learns to eat ground glass. (Edgar Fiedler)
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