Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. CTA net long positioning increased in Brent and WTI futures, amid a stopping out of short positioning and addition to long positions, with net length in Brent rising from -5.8k lots on 25 Jul to +10k lots on 1 Aug. Net long positioning in WTI futures rose from -6k lots on 25 Jul to +6.5k lotson 1 Aug. Interestingly, however, our model anticipates a removal of these positions on 4 Aug, with the projected net length for Brent and WTI futures sitting at 5.2k lots and 4k lots, respectively. Similarly, RBOB futures also recorded a shift from net short to net long positioning, with CTA net length climbing from -3k lots on 25 Jul to +10k lots on 1 Aug, but this is projected to ease to 4.8k lots on 4 Aug. Meanwhile, the middle distillates complex recorded a circa 20% decline in net long positioning to 4.4k lots in ICE gasoil and 9k lots in NYMEX heating oil. Net positioning is projected to continue to pull back in both contracts on 4 Aug.
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