Republished from Dr. Ed Yardeni’s blog: “Dr. Ed’s Blog”
The latest Commitments of Traders report compiled by the CFTC shows that large speculators and small traders were net long a record 101,926 contracts on February 14. Each contract is for 42,000 US gallons, or 1,000 barrels, of gasoline. During the week of February 10, gasoline inventories in the US stood at 232 million barrels. In other words, speculators and traders, in effect, held a record 43.8% of US inventories.
They …