In the week ending 09 Sep, both Brent and WTI saw net losses.
There was chatter about an early OPEC+ supply hike, but conflicting signals from OPEC+ and fresh US pressure on Europe to stop buying Russian oil have left the market caught between opposing narratives.
Combining the crude benchmarks (Brent + WTI), money managers were bearish as they added shorts (+3.20%) and trimmed their length (-8.96%). The long:short ratio was down from 2.15:1.00 to 1.90:1.00 (4th percentile for all weeks since 2013).
From a relative value perspective, WTI/Brent spreads continue to widen, with US oil rigs hitting a two-month high, and Valero began maintenance at its Memphis refinery
