Looking at Flux Insight’s CTA positioning for the week ending 10 Nov, CTA positioning in gasoil and heating oil continues to be extremely strong, with both products almost equal at +22k lots. This positioning lies at the tail end of historical ranges, which may encourage a mean-reversion of prices in the near-term. The strength across the barrel is not uniform, and although net positioning in Brent and WTI inched up initially in the week, they both dropped to see w/w losses and remained well in the negative territory. There has, however, seemed to be a refreshed bearish attitude in the crude flat prices, with Brent and WTI losing around 6k lots from 04-07 Nov. Although RBOB remains negative, it has continued to move up in the week, reaching its highest level since mid-August, well post-driving season.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
