Money managers remained bearish in the benchmark crude oil futures over the week ending 10 Sep, most notably in Brent futures, with the front-month contract dipping below $70/bbl on 10 September. We saw managed-by-money players remove over 30mb from their long positions (-8.55%) while adding over 47mb (+21.25%) to their shorts. This dampened the total crude futures’ long:short ratio by 25% w/w to 1.20:1.00 (below the 0.5th percentile for all weeks since 2013). This bearishness comes amid a shift to net short positioning in Brent futures following a mixed picture for oil demand amid an amply supplied market. WTI futures also saw bearish tides this week, albeit managing to hold onto more net length relative to Brent.
