The Nov’24 Brent futures contract sold off rapidly to the $73/bbl level by 03 Sep, reaching its lowest levels all year on expectations of Libya restoring production and OPEC+ bringing barrels back to the market. In line with this bearish sentiment, Onyx’s weekly CFTC COT predictor anticipates an exodus of speculative long positions and return of shorts across the selected oil benchmarks in the week ending 03 Sep. Notably, we anticipate long money manager positions in Brent futures to decline by 23.7mb w/w (-13%).
