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USOU - Market Refuses To Believe The Bullish Draws
United States 3x Oil Fund
Welcome to the refusal edition of Oil Markets Daily!
Note: This article was first published to HFI Research subscribers last Saturday. For more info, see here.
The market remains skeptical of the bullish U.S. crude storage draws that's coming. That's why WTI remains below $60/bbl and CTA long positioning is near the lows.
This is extremely comforting to us because the market is being rather silly not pricing in any potential storage draws into the price. And if we broke down the positioning, it just appears to be an exodus of longs.