Hedge funds and other money managers continue to gobble up bullish bets on oil futures, but the speed with which spot prices have risen in the past few weeks raises the prospect of a short-term correction. Major investors continue to push their bullish bets on oil futures to new heights, confident that the rally still has more room to run. Strong demand, falling inventories and geopolitical uncertainty have fueled a sense of optimism not seen in years. But the risk is that investors are taking things too far, at least in the short run. As John Kemp of Reuters recently put it, the “accumulation of bullish positions is easily the largest on record and far outstrips anything seen even during the spike in oil prices during late 2007 and the first half of 2008.” He pointed out in his column that hedge funds now hold more than 10 long […]