Vincent Wu
Research Associate, Flux
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Fading The Futures Length
Speculators dramatically reverse Brent futures length, short covering flows accelerate in gasoil, CTA length declines across oil futures
Published: September 28, 2026
Written by:
Vincent Wu
13 page report
Money managers rebalanced their positions in Brent futures on increased Middle Eastern peace prospects, trimming length and adding shorts in the week ending 22 September.
- There was a major reversal in positioning in Brent futures as longs fell by nearly 32mb (-8.7%) w/w, while shorts rose by 15mb (+17.6%) w/w, marking the first week of increase, after six consecutive weeks of decline.
- In ICE LS Gasoil Futures, money managers remain broadly risk-off, trimming long and short positions for the fourth time over the past five weeks. Short covering flows accelerated, falling by 13.7% w/w, with levels at a 2-year low.
- Looking at CTA flows, net length has declined across the key oil futures benchmarks over the week, with positioning not as saturated. Given the prospect of a US diesel export ban, positioning is the least bullish in Heating Oil. Net length remains the highest in Brent futures.
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