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Sentiment swings from Bull to Bear for Crude futures

1 min read
Oil Rig

Brent and WTI both saw their interest flipping from bullish to bearish in the week to Jan 02, reverting from the previously observed two-week trend.

Brent notably saw bears coming back strongly and increasing their positions by over 30mbbls, representing a 57% rise w-o-w in shorts, prompting price action to slump from $77.15/bbl on Dec 28 to $75.89/bbl on Jan 02. WTI positioning followed a similar fate with bullish interest shrinking by over 3% and bears adding over 35mbbls worth of positions, or an almost 40% growth in short interest.

Speculators’ net positioning fell in both crude futures as it diminished by over 73mbbls (-24.1%) w-o-w. Despite a rising geopolitical risk stemming from the Red Sea attacks, the past week was tainted by a lacklustre demand outlook and growing pessimism over how early the Fed will cut interest rates.

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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.