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Anticipating Peace

Speculators turn bearish in Brent on improved ceasefire prospects; Heating Oil net positions fall to 4-month lows
Published: May 18, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
13 page report
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In the week ending 12 May, money managers trimmed long positions and added short positions in Brent futures.

  • Price action in the front-month fell by $15 and briefly traded below $100/bbl on greater ceasefire prospects, with longs using this as an opportunity to take profit. This would mark the sixth consecutive weekly increase in short positions. As a result, the long:short ratio declined from 5.55:1.00 to 4.84:1.00 over the week.

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