Data Vault Reports

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. Overall, CTA net positioning became significantly more bearish heading into March, falling from around flat on 21 Feb down to -81k lots on 03 Mar. WTI and Brent crude futures continue to sit the lowest on the positioning model this week, falling from -19k lots to -21k lots, and from -18k to -25k lots, respectively, between the period 26 Feb to 03 Mar. This week, heating oil positioning flipped bearish for the first time in 2025, declining from around +3k lots on 26 Feb to -3.8k lots on 03 Mar. ICE gasoil also became significantly more bearish this week, falling from -2.6k down to -10.9k from 26 Feb to 03 Mar. Finally, over the same period, CTA positioning in RBOB futures was relatively stable, remaining in a range of -20k to -21k lots throughout most of the week.

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. Over the past week, we saw CTA net positioning briefly flip positive, increasing from -31.7k lots on 10 Feb up to 0.1k lots on 12 Feb, however, positioning fell back down to -17.4k lots by 17 Feb. We saw the most bearish positioning in Brent and WTI crude futures this week, sitting at -13.4k lots and -13.3k lots, respectively, as of 17 Feb. Heating oil remained highest on the model with the most bullish positioning fo 9.5k lots on 12 Feb, tapering off to 7.86k lots on 17 Feb. ICE gasoil moved from -3.8k lots to 2.5k lots amid bullish sentiment this week. RBOB positioning was at -3k lots on 10 Feb and briefly touched above flat on 12 Feb, hitting 1.8k lots, but declined to -1k by 17 Feb. Nevertheless, RBOB remains much higher than its monthly low of -11.4k lots on 03 Feb.