The Crude Oil non-commercial net specs are at an all time high: well over 100% more than during the oil time highs in crude in 2008. This means that speculators are anticipating an even more powerful move higher than that seen in the summer of 2008 when Crude hit $150 (it also presents the possibility of an unprecedented plunge in oil should the speculative thesis not be realized). We can look for crude to surge far beyond $125 in the next few weeks. All it would take is one Saudi Arabia geopolitical spark.
Total WTI non-commercial net spec contracts and Crude Light pricing: