Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. CTA positioning declined further, from -48k on 11 Aug to -69k by 18 Aug. While positioning is still marginally more bullish than the April-May lows, this leaves room for additional selling pressure. The crude benchmarks are driving the bearish tilt, with Brent futures showing the weakest net positioning. Onyx’s CTA positioning index also highlights that Brent and WTI positions are now converging toward their long-term averages, marking a steady retreat from the relatively bullish stance seen in June-July.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
