Looking at Flux Insight’s CTA positioning for the week ending 3 Nov, net long positioning in Brent and WTI futures has risen moderately since 28 Oct, reflecting a decline in risk following the exodus of shorts in the week ending 28 Oct. Positioning in Brent and WTI futures remains net short, at -17k lots and -20k lots, respectively, on 3 Nov. Meanwhile, CTA net length in RBOB futures climbed from -25k lots on 28 Oct to a projected -17.7k lots on 3 Nov. Still, the middle distillates complex continues to outperform the remaining futures, with CTA net length in both NYMEX heating oil and ICE gasoil futures sitting at +15.8k lots, up from +10.8k lots and +11.65k lots on 28 Oct, respectively. Nonetheless, this positioning lies at the tail end of historical ranges, which may encourage a mean-reversion of prices in the near-term.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
