Based on the COT Report for 6/27/08, Commercial Hedgers are the most net long in Crude Oil since February 2007. Not a good sign for people hoping for lower oil prices. Date......Net Position 6/27/2008 4635 6/20/2008 1902 6/13/2008 -13935 6/6/2008 -19676 5/30/2008 -11169 5/23/2008 -19443 5/16/2008 -39372 5/9/2008 -24109 5/2/2008 -37329 4/25/2008 -40461 4/18/2008 -47604 4/11/2008 -49572 4/4/2008 -40162 3/28/2008 -52157 3/21/2008 -70205 3/14/2008 -97231 3/7/2008 -102835 2/29/2008 -85753 2/22/2008 -54178 2/15/2008 -36882 2/8/2008 -24975 2/1/2008 -31075 1/25/2008 -38450 1/18/2008 -91054 1/11/2008 -100506 1/4/2008 -85087 12/28/2007 -50705 12/21/2007 -29125 12/14/2007 -38098 12/7/2007 -45283 11/30/2007 -54002 11/23/2007 -28584 11/16/2007 -23136 11/9/2007 -84188 11/2/2007 -77399 10/26/2007 -59701 10/19/2007 -77841 10/12/2007 -65794 10/5/2007 -59534 9/28/2007 -45312 9/21/2007 -44551 9/14/2007 -35670 9/7/2007 -34529 8/31/2007 -24907 8/24/2007 -42666 8/17/2007 -85774 8/10/2007 -117535 8/3/2007 -119688 7/27/2007 -111811 7/20/2007 -104263 7/13/2007 -112043 7/6/2007 -93302 6/29/2007 -72424 6/22/2007 -66204 6/15/2007 -47899 6/8/2007 -50122 6/1/2007 -32700 5/25/2007 -44379 5/18/2007 -14334 5/11/2007 -49854 5/4/2007 -59887 4/27/2007 -60808 4/20/2007 -76100 4/13/2007 -72011 4/6/2007 -56585 3/30/2007 -26979 3/23/2007 -31984 3/16/2007 -21316 3/9/2007 -19552 3/2/2007 -10198 2/23/2007 8130
Don't forget they were largest net long ever on the S&P500 contracts right at the top, while speculators were largest short. Go figure, but just an observation.