Looking at Flux Insight’s CTA positioning, Brent futures reached a high of -3.5k lots on 30 Sep before swiftly falling throughout the week to -26k lots on 7 Oct. From an index position, middle distillate positioning started the week ending 7 Oct in the overbought territory before retreating. In the week ending 7 Oct, both ICE Gasoil and Heating Oil flipped positioning, with ICE Gasoil dropping from 12.2k lots on 30 Sep to -6.2k lots, and Heating Oil falling from 9.8k lots to -7.5k lots over the same period. Like Brent, RBOB futures fell sharply from -18.5k lots to -32.4k lots from 30 Sep to 7 Oct, respectively. With prices pressured throughout the week, RBOB futures have trended closer to the oversold territory which may be indicative of an impending reversal.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
