Vincent Wu
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.
Short Withdrawal
Funds continue to liquidate their short crude futures positions
Published: August 3, 2026
Written by:
Vincent Wu
13 page report
Money managers added length for the third consecutive week in Brent futures in the week ending 28 July, as net positioning reaches a 7-week high.
- Short positions have reduced, but at a smaller pace (-5%) compared to previous weeks which saw w/w declines of over 10%. The long:short ratio rose from 2.39:1.00 to 2.60:1.00, now at the 25th percentile for all weeks since 2013. Crude initially saw renewed bullish momentum on geopolitical escalations as the US-Iran war spread to the Red Sea, where the Houthis joined the fray. However, signs of de-escalation and possible renewed talks saw Brent fall below the critical $100/bbl level.
- In the week to 28 July, money managers increased their net positions in WTI futures, driven by a substantial decline in short positions. Shorts fell by 22mb (-18%), falling to 3-month lows. Net positioning also reached its highest level since late April. Short swap positions saw a 24mb build over the week, so these players provided liquidity to the short speculators exiting WTI.
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
Chop & Noise Precedes Noise & Chop
Dubai physical premium slips from $29.97 to $18.04/bbl; paper market thin and choppy amid low liquidity; Chinese selling, deferred rolling.
Brent Drops Sub-$100 Despite Bessent Threatening to “Shut Down” Iranian Airlines
Brent falls to $98.85 as Bessent threatens Iranian airlines, US eyes $5Bn Mideast fund, Saudi loadings recover, Macron seeks methane delay.
Brent falls below $100/bbl alongside rumours US will release 30mb from SPR
If true, this would constitute over 10% of the remaining volume in the SPR.
Approaching A Top?
Gasoline complex remains elevated globally, but are prices approaching a top?
14 page report