Onyx Research

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: Bulls & Bears Set For Departure

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The Dec’24 Brent futures contract initially found strength in the week ending 24 Sep, trading around low $74/bbl levels from 19-23 Sep, before selling off in the afternoon of 23 Sep down to almost $72.80/bbl amid news of Libyan exports rebounding to 700kb/d and China’s Russian oil imports jumping 26% m/m in August. In line with this bearish sentiment and price volatility, Onyx’s weekly CFTC COT predictor anticipates the withdrawal of speculative long positions in Brent alongside a reduction in shorts for the week ending 24 Sep. Notably, we anticipate long and short prod/merc positions in Brent futures to decline by 97mb and 101mb w/w, respectively.

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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.