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Need to Know: One big sign this commodity’s on the verge of an ‘epic comeback’

Investors who have been busy watching stocks go nowhere, and complaining about it, should maybe feast their eyes on another big asset class. Like commodities.

Oil has been under pressure since the API said late Tuesday that U.S. crude stockpiles spiked by 14.2 million barrels last week. If the EIA data due later follow that trend, it should mark the biggest weekly gain in U.S. supplies since October.

And any pickup in pressure on crude comes as hedge funds make record bets that oil prices will rise — something that’s been going on a while.

“Clearly, a position adjustment from a very crowded trade is in play,” Chris Weston, chief market strategist at IG, told clients in a note.

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