Given its lengthy bear market, mounting bearish price forecasts and the "more bad news than good news" scenario facing the oil market, it might come as a surprise to some that professional investors are not heavily short the commodity.
That is understandable when considering the United States Oil Fund LP (ETF) (NYSE: USO), which tracks West Texas Intermediate crude oil futures, is up 14.6 percent over the past five days. The United States Brent Oil Fund, LP (NYSE: BNO), which tracks Brent crude oil futures, is higher by 18.4 percent over the same period. Those qualify as “rip your face off” rallies and possibly underscore why many professional traders are not currently short crude.
/www.benzinga.com/trading-ideas/long-ideas/16/01/6176994/in-this-bearish-environment-why-are-pros-long-oil alt=In This Bearish Environment, Why Are Pros Long Oil?>Full story available on Benzinga.com
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