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Hitting the bull’s eye: CFTC weekly analysis

1 min read

Speculators for both Brent and WTI portrayed a more bullish outlook as managed by money positions witnessed an increase in longs coupled with a liquidation of shorts for both crude benchmarks. In line with this, combined positioning portrayed a w-o-w addition in long positions of 46mbbls (+10%) and a removal of short positioning equating to 19mbbls (-12%). As a result, the combined long:short ratio recovered back from 2.92:1.00 last week to 3.63:1.00 this week. Middle Eastern tensions continue to rumble on helping to keep prices elevated. It will be interesting to monitor positioning changes in the week to come, as a possibly thin market due to Lunar New Year reacts to the crude demand outlook from OPEC and the IEA.

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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.