Hello, Haymakers:
In the Haymaker view of the commodity markets, the ultimate test of a chart such as the one below, on open interest in the oil futures market, is what happens after extreme points are hit. Looking back, the huge spikes in this measure in late 2016 and 2019 did, indeed, prefigure sharp drops, especially in the latter instance. Of course, the pandemic played a massive role in the early-2020 price crash.
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