Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.

CFTC Predictor: Bears To Make A Return?

1 min read

Over the past week, the Jan’25 Brent futures contract initially saw strength, rising from an intraday low of just under $73/bbl on 21 Nov up to a weekly high of $75.30/bbl on 22 Nov. However, weakness quickly followed as Brent sold off by almost $2 to $73.15/bbl on 25 Nov, inching further down to $72.60/bbl at the time of writing on 28 Nov. Crude oil markets were pressured down by news of progress in Israel-Hezbollah ceasefire talks, with both sides formally reaching an agreement for a 60-day truce on 26 Nov. In line with this bearish sentiment, Onyx’s weekly CFTC COT predictor anticipates speculative players to be risk-off, removing longs while adding to their short positions, for the week ending 26 Nov. Managed-by-money long positions are expected to decrease by 8.9mb, compared to last week’s increase of 9.8mb, while speculative players are projected to increase their short positions by 2.7mb.

Subscribe to Onyx Insights to unlock this Research

Insights is the proprietary research arm of Onyx: the #1 liquidity provider of oil futures
OR

Share on

Traders also read...

Follow Us

Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.