Hedge Funds Racing Oil Refiners to $100 a Barrel: Energy Markets – Bloomberg 02-04-13

Salient to Investors:

Money managers increased net-long positions on rising US oil prices to a nine-month high last week, in the longest weekly run of gains in records back to June 2006.

John Kilduff at Again Capital says oil is in a bull market and headed for $100 or above.

Miswin Mahesh at Barclays positive economic sentiment has provided a strong base for the uptrend.

Tim Evans at Citi Futures Perspective says we are getting more overbought.

The US met 84 percent of its energy needs in the first 10 months of 2012, on pace to be the highest annual level since 1991.

ICE Futures Europe said hedge funds et al raised bullish bets on Brent crude to the highest level in two years.

Read the full article at http://www.bloomberg.com/news/2013-02-04/hedge-funds-racing-oil-refiners-to-100-a-barrel-energy-markets.html

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