Oil Rally Won't Persist Despite Extreme Long Bets

So far, this year has been good to oil and gold, and this has helped investors focusing on commodities. The oil rally witnessed last month seems to have made oil bulls increasingly convinced that this trend will continue. Currently hedge funds have a record net long bet on Brent and WTI futures on the New York and London stock exchanges. As of April 12, the total net long bets on ICE Brent futures amounted to 225,161 contracts, whereas the net long position in NYMEX WTI futures was up to 397,838 contracts on April 19. Commodity funds cash in oil rally, CTAs miss out Among the…