Speculators Dumping Crude Oil Longs What stops hedge-fund long liquidation in petroleum futures may be a takeaway from managed money data as of June 12. My graphic shows petroleum net-longs at 8.6% of open interest, down from the March high near 13% and rolling over akin to previous price peaks. Will long speculators be right about what some call the most significant energy disruption in history, or will the powers of elasticity prevail? My bias leans to the latter, as evidenced by China crude oil imports dropping by about half, from roughly 12 million barrels a day before the Iran war, and surging exports from the US. Some estimates point to global demand destruction approaching 2 MMBD, comparable to the Great Recession. The bottom line may depend on the stock market. If equity wealth reversion is underway, following Bitcoin, crude will face headwinds. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tgb6nekiuq3k {BI COMD} #crudeoil #futures #stockmarket #Bitcoin @Bloomberg(Mike McGlone)