CTAs Extend Hold on OilQuantquistador
According to recent research from Goldman Sachs, trend following CTA’s have been driving recent market declines in oil – repeating a trend that materialised across Q1 of last year. 1 However, unlike 2017, this year GS argues long speculative positioning has been driven by a solid fundamental backdrop – in no small part benefiting from carry-driven returns resulting from more pronounced backwardation in the market.
Fundamentals – Irrelevant in Allocation?
With the increasing role machine-based traders and investment managers play across markets we must wonder if this CTA . . .
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