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.
Premium Content
To continue reading this page, please login or find our about our subscription options.
Written by
Related News
Brent gaps higher but is slipping
Brent gives back early gains as traders assess US-Iran strikes, Hormuz shipping disruption and China's demand outlook.
Brent Eases as The US Agrees to Further Talks With Iran
Brent eases as US-Iran talks resume. Russia's fuel crunch deepens, while India expands SPR capacity with a new 13mb site.
Brent on its way to weekly gains on geopolitical risk
Oil prices are on-track for a weekly gain, with the M1 Brent futures contract beginning the week at $71.54/bbl.....
Brent Slides as Russia’s Saratov Refinery is Hits
Brent falls as Russia halts refinery runs and bans diesel exports. CFTC blocks 24/7 crude trading; Iraq backs OPEC membership.