Why Smart Money So Long In Oil?

In a recent edition of his widely-followed newsletter (The Gartman Letter, 7 February 2017), commodities king Dennis Gartman observed that, “As of mid-week last week, the hedge fund community was long nearly 1.0 billion barrels of crude while short only a bit more than 100 million barrels. This is the most decidedly one-sided position held by the funds since the late winter of ’14.”

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