Oil Prices > This is just the start

[dan_s]

Hedge funds boosted net-long positions on West Texas Intermediate crude by 30 percent in the seven days ended April 7, the biggest jump since October 2010, U.S. Commodity Futures Trading Commission data show. Long bets rose to a nine-month high, while shorts tumbled 21 percent.

U.S. crude output and inventories may peak this month amid a record drop in rigs exploring for oil, Goldman Sachs Group said. Refiners returning from seasonal maintenance will add about 500,000 barrels a day of demand by July, the Energy Information Administration forecast, helping ease the biggest glut in 85 years.

Read: http://www.bloomberg.com/news/articles/ ... en-peaking

Once the Wall Street gang has milked it as much as they can, they change their tone to drive up oil prices (after getting their clients positioned). This happened in 2009 and it is happening again. - Dan