Vincent Wu
Research Associate, Flux
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
To continue reading this page, please login or find our about our subscription options.
Written by
About CFTC Weekly Analysis
A premium report providing clear transparent analysis of CFTC positioning
Related News
Brent Declines Despite Iran Stopping More Vessels in the Strait of Hormuz
Brent eases as Iran claims Hormuz intervention and Gulf strikes, while US output and demand weaken and Romania declares emergency.
Brent en-route to posting monthly gains on renewed supply tensions
The IRGC has said it struck and halted two oil tankers that attempted to pass through the Strait of Hormuz via an "unauthorised route"....
Brent Eases as Concerns Over Suez Canal Security Reignite
Brent falls as Qatar replaces LNG flows, Suez risks rise, and Russia extends fuel export curbs amid ongoing supply disruptions.
Conflict, uncertainty and CPC disruptions lead to a choppy Brent
In other news, the Caspian Pipeline Consortium (CPC) has suspended oil loadings, as per a Telegram statement...