Money Managers’ Positions in Brent and WTI Crude Futures
In the week ending 09 July, managed-by-money participants took a risk-on approach to the benchmark Brent and WTI crude oil futures, adding a combined 13.5mb (+2.47%) to their long positions and a 1.6mb (+1.35%) to their short positions. The combined long:short ratio in the crude oil futures climbed to 4.48:1.00, its highest recorded level since 09 April this year. The slight bearishness stems more from Brent than WTI, with the latter instead noting unidirectionally bullish speculators amid an increase in length and removal of shorts. The sentiment was likely dictated by polarised fears of the impact of Hurricane Beryl on USGC production and trade, alongside a crumbling end to the bullish play in Dated Brent.
