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’ETF investors mistimed the commodity correction (again)
Here’s an interesting observation regarding this month’s commodity sell-off.
It comes from short-selling data firm, Data Explorers, and it concerns commodities ETFs:
The other theme running through this week has been further drama in some of the commodity markets,
The USO says it is innocent
United States Commodity Funds, the group behind the USO and UNG exchange traded funds, is keenly protesting its innocence regarding the group’s possible connection with volatile energy market moves in 2008,
USO/UNG ETF managers ask CFTC for exemption on position limits
Filed with the CFTC on June 16th (H/T Olivier Jakob at Petromatrix), emphasis FT Alphaville’s:
Read the full document here.
Related links:
Cramer doesn’t get the UNG – FT Alphaville
Commodity ETF investors move significantly into natural gas
The USO ETF’s command of the WTI crude market has taken a breathtaking drop in the last few months. Having held close to 100,000 WTI contracts at the end of February (amounting to nearly 20 per cent of the WTI market) it has now halved to some 50,000 contracts.