| Like the old cartoon showing a school of small fish organised to form a big one, retail investors have become a whale in the oil market. Uniting as buyers of exchange traded funds, these investors held 180m barrels equivalent of West Texas Intermediate crude futures last week — 30 per cent of the most active futures market.
The resurfacing of oil ETFs is a sign some investors are again warming to commodities as an asset class after years of poor performance. But analysts and some fund managers warn that the fat returns of the previous decade are over and the “supercycle”, the long period of tightness in markets from oil to copper that drove these returns, has rumbled to a halt...............................................Full Article: Source
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