Vincent Wu
Research Associate, Flux
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Brent Shorts Scramble For Cover
Spec shorts in Brent futures fall for 6th consecutive week; RBOB spec longs fall by 10% w/w
Published: September 21, 2026
Written by:
Vincent Wu
13 page report
Money managers added net length in Brent futures for the third consecutive week as regional tensions escalated in the Middle East amid Houthi advances in Yemen and the closure of the East-West pipeline.
- Short positions declined for the sixth consecutive week, and the tenth in eleven weeks. Shorts fell by 10% w/w and levels are at the lowest since mid May. This suggests that the recent rally above $100/bbl was predominantly driven by short covering flows.
- Meanwhile, long WTI positions increased for the sixth consecutive week. Net positioning saw a w/w decline given a larger proportional increase in shorts, but remain around 1-year highs.
- Speculative positioning in RBOB gasoline futures saw a bearish turn as long positions fell by 10% w/w, after previously rising for four consecutive weeks. Longs fell below 100mb after being relatively overcrowded, at their highest level since December.
- Looking at CTA flows, positioning remains extremely saturated to the buy-side. From an index perspective, Brent and WTI futures are at +49.7 and +50.0 (maximum), respectively. The rate of increase in net positions has declined significantly, and rises in price action are expected to attract CTA selling.
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