Salient to Investors:
- Hedge funds cut bullish wagers on oil by the most in six weeks, while short positions rose to the highest level.
- John Kilduff at Again Capital said oil prices reflect speculation that further declines are more likely.
- IEA said US crude production will climb to the most since 1970.
- Bank of America and BNP Paribas predict oil prices will hold above $80 a barrel.
- Jeffrey Currie et al at Goldman Sachs is near-term constructive about prices, saying the drop is excessive because there is no oversupply.
- Tim Evans at Citi Futures Perspective said we have seen the peaks in downside momentum and the fear factor, though prices may grind lower to test $80 again.
- Stephen Schork at Schork Group said it is a good time to buy because the market has found support around $80, there are so many people short, and the turnaround season is coming.
Read the full article at http://www.bloomberg.com/news/2014-10-19/hedge-funds-cut-bullish-bets-on-crude-as-prices-tumble.html
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