Crude Retraces Saudi-Russia Hope Spike As Traders Slash Bullish Bets By Most In 2 Years
by Tyler Durden
ZeroHedge.com
Sep 5, 2016
Having spiked over 5% on hopes of a “significant” announcement at a joint Russia-Saudi statement at the G-20 meeting, bulls were quickly disappointed, sending WTI back to a $44 handle as the two nations stopped short of taking any concrete steps to limit output. The inability to hold these gains on an illiquid day (with a US holiday) confirms the short-squeeze ammo is out. Furthermore ‘longs’ are losing faith as leveraged speculative positioning plunged by the most in over 2 years last week.
The Rest…HERE
