Commercial Hedgers are Most Net Long in Crude Oil since Feb 07

[MAVERICK007]

Based on the COT Report for 6/27/08, Commercial Hedgers are the most net long in Crude Oil since February 2007. Not a good sign for people hoping for lower oil prices.

Date......Net Position
6/27/2008 4635
6/20/2008 1902
6/13/2008 -13935
6/6/2008 -19676
5/30/2008 -11169
5/23/2008 -19443
5/16/2008 -39372
5/9/2008 -24109
5/2/2008 -37329
4/25/2008 -40461
4/18/2008 -47604
4/11/2008 -49572
4/4/2008 -40162
3/28/2008 -52157
3/21/2008 -70205
3/14/2008 -97231
3/7/2008 -102835
2/29/2008 -85753
2/22/2008 -54178
2/15/2008 -36882
2/8/2008 -24975
2/1/2008 -31075
1/25/2008 -38450
1/18/2008 -91054
1/11/2008 -100506
1/4/2008 -85087
12/28/2007 -50705
12/21/2007 -29125
12/14/2007 -38098
12/7/2007 -45283
11/30/2007 -54002
11/23/2007 -28584
11/16/2007 -23136
11/9/2007 -84188
11/2/2007 -77399
10/26/2007 -59701
10/19/2007 -77841
10/12/2007 -65794
10/5/2007 -59534
9/28/2007 -45312
9/21/2007 -44551
9/14/2007 -35670
9/7/2007 -34529
8/31/2007 -24907
8/24/2007 -42666
8/17/2007 -85774
8/10/2007 -117535
8/3/2007 -119688
7/27/2007 -111811
7/20/2007 -104263
7/13/2007 -112043
7/6/2007 -93302
6/29/2007 -72424
6/22/2007 -66204
6/15/2007 -47899
6/8/2007 -50122
6/1/2007 -32700
5/25/2007 -44379
5/18/2007 -14334
5/11/2007 -49854
5/4/2007 -59887
4/27/2007 -60808
4/20/2007 -76100
4/13/2007 -72011
4/6/2007 -56585
3/30/2007 -26979
3/23/2007 -31984
3/16/2007 -21316
3/9/2007 -19552
3/2/2007 -10198
2/23/2007 8130

 

[dtrader98]

Don't forget they were largest net long ever on the S&P500 contracts right at the top, while speculators were largest short.

Go figure, but just an observation.