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.
Summer of RBOB
Funds trim Brent futures length; speculators accelerate RBOB futures purchases; diverging CTA crude and gasoline positioning
Published: August 31, 2026
Written by:
Vincent Wu
13 page report
The week ending 25 Aug was a risk-off week for money managers in Brent futures...
- Long positions in Brent fell at their fastest pace in 2 months, falling by 22.7mb (-6%). As such, net positioning retreating from 3-month highs. The long:short ratio is at the 31st percentile for all weeks since 2013. Brent has been trading around the $90/bbl level as the Iran war shifts from kinetic conflict to economic warfare, with the US Treasury initiating wider sanctions against Iran, but stopping short of sweeping action, namely against China.
- In the refined products, speculators accelerated their purchases in RBOB gasoline futures, with long positions rising by 7% w/w. Outright long positions are at their highest level since February.
- In Natural Gas (Henry Hub), funds continued to add length, with long positions rising in five over the past six weeks. Longs are at their highest level in four years.
- Looking at Flux Insight's CTA positioning for the week ending 31 Aug, there is a divergence in positioning between crude and gasoline, with net length decreasing slightly in the former, and rising in the latter. From an index perspective, RBOB futures positioning has returned to the overbought territory, and is the highest out of the selected oil futures benchmarks.
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
Brent lower at $104 in shadow fleet relief rumours
Washington is weighing sanctions relief for Russia’s shadow fleet, alongside a 1.8-million-tonne Russian diesel purchase....
Brent Firms as Saudi Aramco HQ Shoulders Heavy Damage
Aramco’s Dhahran HQ damaged in attack; IEA meets on European diesel stock releases; Huajin Aramco JV gets first Arabian crude.
Freight Heavens!
Know how the market is positioned before it moves....
6 reports
Brent Strengthens as Houthis Pledge to Continue Attacks
Brent strengthens to $106.44 as Houthis hit Aramco HQ, IEA flags diesel strain, Trump invokes DPA for Texas refinery, Greenland drilling