Managed by money positions in Brent futures reverted to the buy-side in the week to Jan 30 as length increased and shorts were reduced. Similar to this, WTI continued to see a bullish positioning.
Combined positioning saw a w-o-w growth in long positions of 51mbbls (+10.2%) and liquidation of shorts by 18.6mbbls (-10.9%). As a result, combined net positioning recorded a 21.2% growth, sitting 20.8% and 17.3% below the monthly average and yearly average, respectively.
Market participants are trying to capitalise on an increased geopolitical risk premium encouraging bullishness in both Brent and WTI.
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