Jul’25 Brent futures dropped sub-$60/bbl this week after OPEC+ agreed to further speed up oil production hikes for a second consecutive month, raising output in June by 411kb/d. In contrast, sentiment in gasoline and gasoil has been bullish ahead of the summer driving season, and softer gasoil prices encouraging opportunistic buying. Onyx’s weekly CFTC COT predictor forecasts money managers to reduce their bullish bets in Brent futures. However, we forecast speculators to increase their net length in RBOB gasoline and European gasoil futures.
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