Onyx logo
Onyx Research

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.

Onyx CFTC Style COT Reports – 17 Mar 2025

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. Bearish sentiment has slowly been picking up since positioning hit flat on 21 Feb, falling to a three-month low of around -127k lots on 11 Mar. Positioning has seen little movement over the past week, moving up slightly to -122k lots by 17 Mar. The majority of the selected futures contracts continue to be net bearish, except for RBOB which flipped net bullish from -21.5k lots on 03 Mar up to 2.4k on 05 Mar. This week, RBOB futures positioning has increased slightly to 5.2k lots by 17 Mar. Brent futures sat the lowest on the positioning model this week, reaching -44k lots on 11 Mar, now at its most bearish positioning seen since September 2024. WTI positioning was close behind as the second lowest on the model, hitting -37k lots on 12 Mar. Heating oil and gasoil futures have both steadily declined from around -20k and -22k lots, respectively, to -26k lots each.

Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.

Share on

Traders also read...

The Officials: 68 and done?

The window’s been chaotic of late and today continued to be busy, though somewhat more orderly. BP led the charge on the sellside, lowering offers for both Midland and CIF Forties. It was the Midland that attracted buying interest, as Totsa swept in to lift the offer for 22-26 June at Dated +$1.25, while PetroIneos picked up Vitol’s offer at $1.95 over Dated for 3-7 July – that’s a steep curve!

Desk Heads – Top of Mind

Welcome to Episode 2 of Onyx Desk Heads, Top of Mind. In this podcast, our Onyx Commodities Head of Trading Desks discuss the latest trends and developments in the oil, gas, power and carbon markets in which Onyx Commodities trades.

Follow Us

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.