Oil: investors have amassed a huge net long position - BBH

Analysts at Brown Brothers Harriman explained that speculators have amassed a huge net long position in the futures market.  

Key Quotes:

"As of April 17, the net long non-commercial position stood at 728k contracts, a little below the record high set in early February near 739k contracts. "

"When oil peaked in mid-2014, speculators had a net long position of about 460k contracts."

"The gross long position o 850k contracts are also slightly off the record from late January near 866k contracts."

"The gross short position of 122k contracts is just above the low set earlier this year near 115k contracts, which is the least since late August 2014."