Via John Kemp comes weekly charts of hedge fund oil positioning which is definitely getting short:
But has scope to get materially shorter yet:
I still fear a Q4 price crash for oil as falling seasonal demand and wider global growth weakening combine to deliver another period of glut:
It is my key trigger for a share market correction as well as junk debt slides with US shalers.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.