OPEC Jawbones Spike In Crude As Hedgies Dump Longs At Fastest Pace On Record

The bounce off a $47 handle on Friday in WTI was fading fast again this morning...

following news that money managers cut their bullish Brent and WTI oil bets by 154,871 to a net-long position of 699,209 contracts - the biggest decline on record.

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While the drop was large, net longs remain extreme suggesting the long squeeze has more to go...

Which of course OPEC had to try and jawbone away...

• OPEC SUPPORT INCREASES FOR EXTENDING OIL SUPPLY CUT INTO H2, BUT NON-OPEC PARTICIPATION NEEDED – OPEC SOURCES - Reuters News

And sure enough...

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We wonder how long this will last?