BREAKING: Hedge funds’ net-long positions on WTI crude fell by 29,562 contracts, to 49,264, in the week ending Tuesday, the lowest since 2009. Long positions have now dropped by ~120,000 contracts over the last few weeks. This comes as the IEA forecasts a record supply surplus next year. Oil inventories are expected to build at 2.96 million barrels per day, surpassing even the average buildup during 2020. Is the short oil trade getting too crowded?(The Kobeissi Letter)