Looking at Flux Insight’s CTA positioning, positioning in Brent futures trended downward from -34k lots on 14 Oct to -51k lots on 21 Oct before reversing to reach -20k lots on 27 Oct. Like Brent, middle distillate positioning also fell before increasing; NYMEX heating oil fell from -10k lots on 14 Oct to -19k lots on 21 Oct before increasing to +6k lots on 27 Oct. ICE gasoil fell from -11k lots to -22k lots and rose to +4k lots during the same time period. RBOB futures followed the same trend, from -37k lots to -42k lots and back up to -23k lots on 27 Oct. From an index perspective, NYMEX heating oil and ICE LS gasoil are moving towards the overbought territory, perhaps signaling an impending reversal.
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