This Is Interesting After Today’s Bloodbath In The Oil Market

This is interesting after today’s bloodbath in the oil market.

November 2 (King World News) – Tom McClellan:  COT Report data show something intriguing for crude oil futures. Prices are still high, but the big money “commercial” traders are paring their shorts.

These traders have been continuously net short to varying degrees since 2009. Many of them are producers, using futures markets to lock in pricing on their future production.

When prices go up they short more. When prices go down, they short less, figuring they can get a better price for their production by waiting. It is quite irregular to see prices moving up and their net short position going down.

The implication is that oil prices are headed a lot higher.

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