Oil Has Become The Hottest Commodity On Wall Street

Oil Has Become The Hottest Commodity On Wall Street

Crude oil has been having a great 2021 so far—a very different situation to last year’s when the pandemic devastated demand for all commodities fueling a price rout that lasted well into 2020. Now, commodities are back with a vengeance, and nowhere is this vengeance clearer than in oil.

Crude has become the hottest commodity for traders in the past few weeks as surging demand has topped all expectations, sparking a run on oil futures. According to a recent Wall Street Journal report, in mid-June, the ratio of bullish to bearish bets on oil in New York stood at a staggering 23 to 1. This compares with a ratio of 6 to 1 at the beginning of the year.