Data Vault Reports

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. Since positioning plateaued around -81k and -85k lots at the beginning of March, we have observed the decline accelerate over the past few days. On 06 Mar, positioning fell below -100k for the first time since early December 2024, now sitting at -110k lots as of 07 Mar. As in our last report, Brent and WTI remain the lowest on the positioning model this week, falling from -23k down to -42k lots, and -21k to -34k lots, respectively, between 03-07 Mar. In addition, we saw bearish sentiment across both heating oil and gasoil, which declined from -3.7k to -19k lots, and from -10k to -23k lots, over the same period. In contrast, RBOB futures was the most bullish on the positioning model, rising from -21.5k lots on 03 Mar up to just under 2.4k lots on 07 Mar, flipping net positive for the first time since mid-February.

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. Since positioning plateaued around -81k and -85k lots at the beginning of March, we have observed the decline accelerate over the past few days. On 06 Mar, positioning fell below -100k for the first time since early December 2024, now sitting at -110k lots as of 07 Mar. As in our last report, Brent and WTI remain the lowest on the positioning model this week, falling from -23k down to -42k lots, and -21k to -34k lots, respectively, between 03-07 Mar. In addition, we saw bearish sentiment across both heating oil and gasoil, which declined from -3.7k to -19k lots, and from -10k to -23k lots, over the same period. In contrast, RBOB futures was the most bullish on the positioning model, rising from -21.5k lots on 03 Mar up to just under 2.4k lots on 07 Mar, flipping net positive for the first time since mid-February.

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.