Short Now
From the Associated Press today:
“Oil prices have dropped 23 percent since the middle of July, attributed to ample global inventories, eased worries about supply threats from Iran and Nigeria, receding fears about this year’s Atlantic hurricane season and as signs of economic weakness in the U.S. point to a possible softening in demand for energy. “The hedge funds and investors have been bailing out because geopolitical tensions have eased and they also realize that inventories are high during this period of seasonably weak demand at the end of summer,” Shum said.”
The funds I know have not “bailed.” They are just short energy now - making money on the down trend.
