Jul’25 Brent futures collapsed to the low $60s this week amid emerging reports that Saudi Arabia can sustain lower oil prices, alluding to a price war as they focus on market share. In contrast, sentiment in gasoline has been incredibly bullish, given the looming summer driving season, and boosted by a slew of refinery outages. Onyx’s weekly CFTC COT predictor forecasts money managers to reduce their bullish bets in Brent and Gasoil futures. However, we forecast speculators to increase their net length in RBOB gasoline futures.
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