Martha Dowding
Research Associate, Flux
Our reports are now published by The Officials, and accessible through the Flux platform. Login to Flux 4.0 to view them, or visit The Officials website to learn more and sign up to a free trial.
Brent bulls, WTI bears
Money managers rebuilt Brent length but increased shorts in WTI. Short-covering in Gasoil
In the week to 11 Aug, money managers rebuilt length aggressively in Brent futures,
- In the week to 11 Aug, money managers rebuilt length aggressively in Brent futures, adding 43.7k to long positions (+13.4%) and cutting 8.2k shorts (−6.2%). Fund net positioning strengthened to 245.9mb, the highest in two months, though only back to around the yearly average (250k). The fund long:short ratio rose to 3.00:1.00 (34th percentile), up from 2.48:1.00. The move reverses the prior week's de-risking, showing funds' risk premium was back on in the week to 11 Aug.
- In the week to 11 Aug, WTI length was essentially flat (+0.5%), but shorts added +7.9% to their position w/w. This pressured the net positioning, a second consecutive weekly decline. The managed money long:short ratio is 1.72:1.00, which is in the 23rd percentile since 2013. This shows WTI spec positioning is less bullish than Brent.
Premium Content
Our reports are now part of The Officials, and available exclusively on the Flux platform. Existing customers can Login to Flux to access them, or you can visit The Officials to sign up for free trial access.
Written by
About CFTC Weekly Analysis
A premium report providing clear transparent analysis of CFTC positioning
Related News
Holding the Fort
We have seen a shift in paper flows otherwise, with notable selling in the 19-23 and 26-30 Oct vs Cal Nov rolls....
Brent recovers from below $100/bbl, UKMTO reports attack on tanker transiting outbound Hormuz
Russia's Volgograd refinery (280kb/d) reportedly halted its crude processing on 02 Oct, while Russia has reported that it hit a tanker....
Accumulation
Poor liquidity in Dubai crude complex amid Chinese holiday; Brent/Dubai finds support at lows
Brent falls to $98 as rising Mideast exports weigh on sentiment
Brent falls to $98 as rising Middle East exports ease supply anxieties; South Africa gasoline prices hit record high