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CFTC Weekly: Bulls Overcrowding

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Money Managers’ Positions in Brent and WTI Crude Futures

In the week ending 02 July, managed-by-money participants took on a bullish view in the benchmark crude oil futures, adding a combined 36.5mb to their long positions and removing 9.4mb from their short positions in Brent and WTI. The combined long:short ratio in the crude oil futures climbed to 4.43:1.00, its most significant value since 09 April this year. This bullishness likely emerged amid increasingly hopeful sentiment surrounding summertime demand. Sentiment was also dictated by escalating tensions between Hezbollah and Israel in the Middle East alongside a bullish play in Dated Brent.

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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.