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I feel like everyone is so bearish and with hedge funds continuing to add to short positions, a long looks really attractive.
An escalation in the ME could add some real nasty pressure and a sudden short liquidations. I have been tracking CL G/H/J Calls looking at cheap far OTM opportunities. Let's see - just my 2c
I also intend to go long the energies. But I prefer to buy Gasoline (RB futures).
The reason behind: El Nino usually takes care of a warm winter in the Northern part of the US. The results: Reduced heating, roads tend to be free of ice and snow. The performance of the RB - HO spread in recent months is impressive.
Looking at the COT data for the funds, it can be shown that there is still more short covering potential for RB than for HO.
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And even higher to a new all time record, and the second largest injection season ever.
Stocks normally start drawing last week or this week so this is probably their peak.