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ICE CFTC Weekly: Make Money Managers Bullish Again

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OIP

Money Managers’ Positions in Brent Crude Futures

Bullish money managers returned to Brent futures in the week to 18 June on greater optimism for summer oil demand, while shorts continued to cover their positions. Longs increased w-o-w for the first time in seven weeks, by 41.2mb (+20.7%). On the other hand, short positions declined for the second consecutive week, by 32.7mb (-25%). The recent trends mark a reset in market positioning, with money managers turning bearish too prematurely in the immediate aftermath of the OPEC meeting. The long:short ratio increased from 1.53:1.00 to 2.45:1.00 w-o-w (16th percentile). This indicates that the prevailing sentiment remains relatively bearish, with recent drivers in price action a function of shorts liquidating their positions rather than a bullish catalyst in crude. As such, there remains further capacity for new length to enter, as well as for short positions to exit…

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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.