"Speculative investors continued their long attraction to US energy futures based on the latest weekly data from the Commodity Futures Trading Commission, the industry regulator.
The CFTC showed speculators increased their net long position in Nymex WTI crude futures contracts by almost 1,000 contracts to 66,434 in the week to May 11, an indication that investors expect prices to rise further.
"So while energy markets are vulnerable to a withdrawal of speculative length, the scale of short positions suggests there is almost as much risk of short-covering driving energy prices even higher over the next few weeks," Barclays Capital said in a research note."
Todd
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