The Nov’24 Brent futures contract briefly dropped to the $75/bbl handle on 22 Aug, following which it sharply rallied above $80/bbl on 26 Aug. In line with this bullishness, Onyx’s weekly CFTC COT predictor anticipates a resurgence of speculative long positions in ICE Brent futures in the week ending 27 Aug, with a predicted increase of just under 9mb in money-managed net length. Interestingly, while ICE LS gasoil is also expected to see a rise in money-managed net length this week, RBOB gasoline futures may continue to see bearish tides.
