Oil bulls, here's your sign...We are sitting on a massively over compressed coil spring, waiting for a trigger. The short covering could be epic.
We have just recorded the largest bearish crude positioning since 2011.
We have slid down 7 weeks in a row, on a massive one sided paper oil trade, this week eeking out a mere $1 gain for the week.
Who in their right mind would be entering more shorts at this point?
https://oilprice.com/Energy/Crude-Oil/Bullish-Bets-on-Oil-Fell-to-Lowest-on-Record-This-Week.html Got oil?