Brent crude crosses $100 today and WTI futures above $92.  These are the highest trading levels in Brent in over two years.  Fears over further MENA instability obviously serving as the catalyst this week….we’ll see how long this continues.

 

In a related note, many hedge funds were blindsided by this move as last week there was a net reduction in net long positions in oil, per the recent CFTC Commitments of Traders weekly report (18% reduction in net long positions).