Crude peaks

摘要

Front-month crude futures on the New York Mercantile Exchange dropped back below $70/barrel in June, suggesting at least a temporary respite from the rise seen since a low was reached in February below $40/b. Non-commercials, which are primarily comprised of hedge funds, had liquidated nearly 50% of their long position as of June 16, according to data from the US Commodity Futures Trading Commission, although they remained long to the tune of 26,430 crude contracts.