Growing US Crude Surpluses Align With Spec Selling Diminishing speculator net-longs in petroleum futures appear more aligned with plunging US and Canadian demand vs. supply than prices, which may be relatively high. A key takeaway from my graphic is that managed money (hedge funds) was less optimistic about WTI crude oil remaining above $100 a barrel in March-April, when net-longs peaked near 13% of open interest, than during 2022-24. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tgo4eokijhe0 {BI COMD} #crudeoil #futures @Bloomberg(Mike McGlone)