Oil bulls extinct; Only vultures left

In Energy on 06/01/2015 at 1:59 pm

The US oil price fell below the symbolic threshold of US$50 a barrel for the first time since April 2009, before finishing the day at US$50.05: NY last night.

This report appeared on I Jan

Hedge funds finally pulled back from bets on higher oil prices as the market faced its worst year since 2008.

Speculators reduced their net-long position in West Texas Intermediate crude for the first time in four weeks, cutting their holdings by 5 percent in the week ended Dec. 23, Commodity Futures Trading Commission data showed yesterday. Long wagers dropped the most since August.

Meanwhile junk energy bonds keep on tanking. The vultures are circling.

high yield bonds

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