Hedge fund liquidating
We believe there were more commodity funds impacted by the sell-off, and hedge fund liquidation explains the weakness in oil prices this week.Welcome to the liquidation edition of Oil Markets Daily!With 4 billion, Microsoft hoarded the most money offshore among America's biggest 500 companies.Apple was second in the UBS ranking with nearly 0 billion kept abroad." ...On Tuesday, we wrote that the primary reason oil prices were selling off was due to traders forcing stop losses.The selling didn't stop on Tuesday and continued into the early morning on Friday, when traders noticed small size blocks getting rapidly sold, forcing WTI below /bbl.From the bottom to closing, WTI fluctuated close to 7% intraday.
The fund, Andurand Capital is a renowned oil price bull and has been reducing its positions gradually over the course of 2017, the source said, while adding that it remained fundamentally bullish on oil. As Mark Constantine tweeted, a few weeks ago Andurand was predicting oil prices to hit later this year But, of course, Andurand is not alone, in fact it is safe to say that virtually every other commodity trader is on the same side of the boat: Hedge funds and other big money managers amassed a record number of bullish bets on Brent crude last month, according to the Intercontinental Exchange Inc.... have recently hit a record high in a sign that the massive glut that has depressed prices for more than two years is still plaguing the market. Should the oil drop continue, given the massive surge in open interest, we suspect Andurand will not be the last to capitulate... I kept hearing other people tell me how much money they can make online so I decided to look into it. For the foreseeable future oil will trade up to 55's bringing the marginal high cost producer back into the production equation then back down to the 35's squeezing the marginal high cost producer out of the equation.The hedge fund caught up in a New York City municipal union kickback scandal is now liquidating two of its funds, The Post has learned.Up to now it was believed that Platinum Partners, which allegedly paid the union president ,000 in return for getting a million investment, was liquidating just one of its funds.Schwartz is going to oversee a total investigation that will include verifying assets and investment positions, reviewing inter-company transfers, and verifying ownership interests, according to the letter.
Andurand looks at the algorithmic traders and places blame on their non-economic outlook for the price movements.
and if President Trump would like to MAGA and bring back the stash home, that would help a bit, I guess ... The Fed is behind the bullshit, which we always knew.