Bulls Get Flushed Out as Oil Sees Storm of Negative Data
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As of May 22nd, longs outnumbered shorts by 136,751 on Nymex crude. Since then, the price of United States Oil (NYSE: USO), an ETF which tracks the price of crude, is down over 4 percent. In the past month, USO is down over 17 percent, tracking the price of WTI futures which have fallen from $106 per barrel to $88, the largest monthly drop in three years.
Futures prices lost over 3 percent yesterday, the most since May 4th. The sharp drop could signal that bulls are feeling the pain and dumping their positions in the face of mounting pressure on oil.
An Energy Department report due out today is expected to show that supplies climbed 1 million barrels to 383.5 million, according to the median estimate of 11 analysts surveyed by Bloomberg News.
A combination of high OPEC production, easing tensions with Iran, combined with lower demand from recession plagued counties in Europe and a stronger dollar have creating the perfect storm to sink oil prices.
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Futures prices lost over 3 percent yesterday, the most since May 4th. The sharp drop could signal that bulls are feeling the pain and dumping their positions in the face of mounting pressure on oil.
An Energy Department report due out today is expected to show that supplies climbed 1 million barrels to 383.5 million, according to the median estimate of 11 analysts surveyed by Bloomberg News.
A combination of high OPEC production, easing tensions with Iran, combined with lower demand from recession plagued counties in Europe and a stronger dollar have creating the perfect storm to sink oil prices.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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Crude Oil, OPEC
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