Producer Oil Shorts Highest Since 2007
This means that U.S. oil producers are hedged by any decline in the price of oil and can economically produce even if the price crashes...they now have economic incentive to push the price lower...
They seem to have a good timing record in the past eight years:
By contrast, speculative longs (dumb money) are all time high, and have far worse timing...
Burial by Oil:
