Institutions are piling into crude oil longs:
Hedge fund long positions on Brent crude oil futures surged +65,438 lots in the week ending March 10th, to 351,032, the highest since February 2020.
Long positioning has surged +966% since December, the biggest increase in at least 6 years.
Meanwhile, bullish bets on WTI crude oil rose to an 8-month high, according to CFTC data.
CTAs, the algorithm-driven trend followers, are now 100% long in both WTI and Brent futures.
This is the first time this has occurred in US crude oil since September 2021, when the position lasted 26 trading sessions.
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