Martha Dowding
Research Associate, Flux
CFTC Weekly: Risk on in Products
Outright length in Brent lowest since December
We continued to see interest drop in Brent futures, as OI dropped by -2.29% in the week to 07 Jul..
- Open Interest currently stands around 582 mb, which is near the 4-year minimum of 569.5mb. Funds were bearish again. We continued to see managed money length being slashed for a seventh week and outright length in Brent is its lowest since the week to 16 Dec after a -2.02% w/w drop in long positions. Short fund positions dropped for the first time in 13 weeks, by -0.44% w/w. Outright fund short positions remain extremely high at over 169mb. Consequently, the managed money long-to-short ratio in Brent is in the 4th percentile for all weeks since 2013.
* In the week to 07 Jul, WTI saw a small net drop in interest, with a w/w -0.45% drop in OI. Although the pattern has been less reliable w/w than in Brent, the week to 07 Jul saw funds bearish in WTI, with a -5.15% drop in overall length. This is the largest percentile decrease in WTI length since the week to 30 Sep 2025. Long funds added 5.52% to their short positions. This brought the managed by money net position to below the 13th percentile for the weeks since 2013.
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