Crude plunged overnight as the crowded long oil position, we recently discussed, experienced a classic washout on the downside, falling almost 15% from its Monday early morning high. It would have been a tough session for the hedge funds as they all ran for the exits on mass, illustrating why MM often discusses the markets positioning, across stocks, commodities, currencies, and indices.
- We can see Dec’ Brent crude rotating in the $67-71 area over the coming days/week, but it’s likely to remain news-driven.
MM is neutral towards oil in the short-term
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