MBCC TH 1st Jul'24 - "1H was all long Tech/short Energy, now Hedgies are tee'ing up for the unwind into 2H, are physical Oil markets playing ball?"

After long tech/short energy has been the no brainer trade for 1H’24, every single hedge is now pushing long Oil/Energy JUST because no one owns it and well the charts look good….Hmm…..we know cheap can get cheaper, BUT there is another risk brewing..

We break it down…long/short works until..it doesnt..