Money Managers’ Positions in Brent and WTI Crude Futures
In the week ending 02 July, managed-by-money participants took on a bullish view in the benchmark crude oil futures, adding a combined 36.5mb to their long positions and removing 9.4mb from their short positions in Brent and WTI. The combined long:short ratio in the crude oil futures climbed to 4.43:1.00, its most significant value since 09 April this year. This bullishness likely emerged amid increasingly hopeful sentiment surrounding summertime demand. Sentiment was also dictated by escalating tensions between Hezbollah and Israel in the Middle East alongside a bullish play in Dated Brent.
