Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. CTAs have gone increasingly net short in WTI, with net positioning declining from -1.1k lots on 18 Jul to -6k lots on 25 Jul. Meanwhile, Brent futures saw a relatively calmer decline of 32% w/w to -5.8k lots on 28 Jul. In refined products, middle distillate fuel oil continues to see net long positioning by CTAs and recorded a relatively stagnant week, with net length coming off by 4% w/w in both Heating Oil and ICE LS Gasoil to +5.8k lots and +10.5k lots, respectively. Finally, RBOB futures saw a remarkable 180% removal in net long positions w/w from +3.8k lots on 18 Jul to -3k lots on 25 Jul.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
