Goldman: Don’t Bet Against Oil

Oil Price | Nick Cunningham
Strong market fundamentals continue to prove U.S. crude is a valuable investment.
Hedge funds and other money managers have cut their long positions for several consecutive weeks, perhaps as a bit of profit-taking, or maybe because the bullish positioning had appeared to have gone too far. Indeed, investors pushed their net-length to record heights, but that has been whittled down a bit over the past month. That reduction has occurred even as oil prices have broken new multi-year record highs. But betting that oil prices have hit a ceiling and liquidating bullish positions is a “dangerous” game, according to Goldman Sachs. The investment bank noted in a recent report that commodities are the “best performing asset class” posting “the best [year-to-date] returns in a decade.”
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