2018 was largely the year of the bull market that wasn’t. As the Trump administration planned sanctions on Iran’s oil prices rose from $70 in January to $86 in October. Then, the White House reversed course by issuing ‘waivers’ to major buyers of Iranian oil and the market ended the year near $52. Hedge funds, meanwhile, were buying the KoolAid all along and accumulated their biggest-ever long position in ICE Brent futures and options only to have to cut that position by 78% as prices fell. Apparently traders are a little…
