While a lot of the market's attention is focused on volatile stocks like AMC and GameStop, many hedge funds are zeroing in on another trade: oil.
The commodity has been on a tear with surging demand as the global economy reopens.
Maglan Capital, a New York-based hedge fund, has the commodity as its top position. In December 2020 when oil was in the high $30s, just as the FDA was issuing emergency authorization for the use of vaccines, co-founder David Tawil correctly predicted prices would double.
He's now calling for oil to hit $100 a barrel by the end of the year.