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Mike McGlone: Managed money net-longs in petroleum futures may have set a lower high
Mike McGlone highlights that managed money net-long positions in petroleum futures may have hit a lower high in the first quarter, paralleling the trend in crude oil prices.
He also raises the question of whether speculators are underestimating the potential upside should restrictions persist in the Strait of Hormuz.
McGlone recently projected that crude oil could reach $120 by 2026, alongside predictions for other major commodities and bitcoin in his longer-term outlook. He has also compared the performance of long-term Treasury ETFs with the U.S. Oil Fund, noting that TLT reached a 10-year low relative to USO in his prior commentary. These analyses add context to current speculation around managed money positioning in petroleum futures.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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