Managed by money positions saw a removal in both longs and shorts in the benchmark Brent futures whilst WTI futures recorded a flip to bearish positioning in the week to Feb 06.
In line with this, combined positioning witnessed a w-o-w liquidation in long positions of 72mbbls (-13%) and an addition to shorts of 11.5mbbls (+7.57%). As a result, the combined long:short ratio eased off from 3.62:1.00 last week to 2.92:1.00 this week.
The shift towards bearish sentiment in the week to Feb 06 perhaps stems from the market opting to take on less risk in the face of uncertainty emerging from continued geopolitical risk premia offset by poor economic data in China and speculations of a possible ceasefire in Gaza.
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