In the week ending 1 July, the Sep ’25 Brent futures contract traded sideways around $ 67/bbl. Price action stabilised after the previous week’s rout, with the market taking a breather and awaiting cues for the next significant catalyst. Onyx’s CFTC predictor sees money managers reducing their length in Brent crude for the second consecutive week. It is expected to be a risk-off week for physical players, with prod/merc positions declining by 58k lots. Meanwhile, we expect money managers to trim their length in RBOB gasoil futures, while adding length in ICE LS gasoil futures.
Onyx’s CTA predictor indicates a continued decline in net positions in the oil futures benchmarks. The exception was ICE LS gasoil futures, which saw a d/d increase on 2 July.
Further information on other categories and contracts can be found in the report.
